College Savings Month
September is College Savings Month:
Celebrate with us!
In 2003, the United States Congress officially declared September to be College Savings Month, marking this time of year as one meant to encourage all Americans to think about how higher education can help them achieve their dreams.
Learn more about how you can save for higher education, when it is best to start, and the growing list of qualified education expenses you can use your 529 plan for.
College Savings Month is for
more than just college
Today’s students know that their higher education options don’t start and end with college. Depending on their interests and resources, a registered apprenticeship, technical college or community college program may deliver their best return on investment today. Higher education can also look like skilling up in a specific area mid-career with additional credentialing, certification programs or even an advanced degree. And if college is the best option for their career aspirations, investing early and often, offsetting costs with classes at community college and graduating in four years or less can all help increase the value of their investment.
Rest assured, you can use your my529 money to help pay for education at many eligible educational institutions and even on certain K-12 expenses (up to certain limits). For those not having to make these decisions quite yet, younger students may wish to participate in the my529 Make Your Mark scholarship contest. A little extra money in a my529 account now could add up to a big difference once they are ready to use it!
The case for higher education
In the modern day, it can often seem like going to college isn’t as valuable as it used to be. But did you know? A recent study on the value of higher education found that:
- Individuals with degrees are more likely to enjoy greater incomes and greater economic stability.
- Completing a postgraduate education means that any future students in your family have a higher chance of finishing their postsecondary degree.
- Perhaps the most valuable benefits to take from their continued education, though, is the ability to learn, train and network in their chosen field. College is a context with unparalleled opportunities for internships and research opportunities. The professional connections found at school can be essential to laying the foundation for a long and happy career.
Not sure how to chart out you or your child’s educational journey? Check out the College Savings Plans Network’s Roadmap for Their Future!
Need a refresher on 529s?
529 plans are specifically designed to save for qualified education expenses.
The plans are sponsored by states and educational institutions, and are authorized by Section 529 of the Internal Revenue Code.
529s can be used for a wide range of qualified education expenses, including higher education like universities, community colleges, tech schools, trade schools, and apprenticeships, as well as other uses like postsecondary credentialing or K-12 expenses (up to certain limits).
You can find a complete list of eligible educational institutions at the U.S. Department of Education’s federal aid website, www.studentaid.gov.
Want more info?
Watch the short video below to learn more about 529 plans and my529.
Set up your saving strategy
How much should you save?
Consult our College Savings Estimator to contrast expenses across multiple school categories (in-state vs. out of state, public vs. private) — or even compare specific schools directly once your student has narrowed it down to their favorites. You can customize predictions to include only tuition, or include books, room and board — or even projected personal expenses. Generate your personalized report to keep education savings on track and avoid the potential pitfalls of student loans.
When should you save?
It can make a big difference to start saving sooner rather than later.
The graph above shows the potential growth from investing in a my529 account starting in kindergarten.
Why choose my529?
We are Utah’s official 529 plan, helping families plan for higher education for over 25 years. Read more about what sets us apart.
Resources and supplemental reading
Utah System of Higher Education
my529 and College Savings Plans Network
- Recommit to saving this fall. During this month, we encourage you to prepare for future education expenses by starting or recommitting to a habit of regular savings. Have you opened a my529 account? If you have one, do you contribute monthly? Is it a good time to increase your contribution? Read more.
- College Savings Plans Network tips for saving as your child grows.
- Early, automated, small amounts — pick your savings strategies. Read more.
- Someday comes quickly: Save early and often. Read more.
Where and how can you use funds?
529 funds can be used at any eligible educational institution in the United States or abroad that is eligible to participate in federal student aid programs.
Use funds for tuition, room and board, computers, internet access, registered apprenticeships and other qualified education expenses.
Learn more, and watch the video below for further explanation.
Interested in opening a my529 account? Click here.
Related Topics
Who Can Participate?
my529’s Low Fees
Tax Advantages
Qualified Expenses
College Savings Estimator
