Perhaps you already know the basics of a 529 College Savings Plan – it’s a tax-advantaged investment account that helps you pay for college. But there are a lot of misconceptions out there too, so we wanted to highlight a few of the great features of a 529. Did you know about these 7 […]
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Entries by Abby Chao
So, you’ve decided to start saving for college – but you’re faced with an overwhelming number of complex options, account types, tax considerations. Isn’t there a simpler way? Yes. At CollegeBacker, we help families through this process every day. Here’s a simple, five step process to start saving for college: Learn about the best way […]
A 529 College Savings Plan involves two people: An account owner, who has control of the account, and a beneficiary, the student who will use the money for higher education. Anyone over the age of 18 can open a 529 plan, as long as you have some basic information for both the account owner and […]
If you’re concerned about “locking up” your money in a 529 College Savings Plan, you’ve come to the right place. When considering a withdrawal from your 529, you just need to remember three things. Rule 1: You can always withdraw your original contribution (the “principal”) without additional taxes or penalties. Of course, if you […]
At CollegeBacker, we envision a future with a college fund for every child – no matter their family’s means, where they come from, or what they look like. As part of this commitment, we recently partnered with Intrepid College Prep – an innovative, high-performing school in Nashville with 87% of students coming from low-income backgrounds […]