An Education Resolution
January is a good time to look at personal goals and how to achieve them. As you contemplate goals for you and your family, don’t forget to think about college and how you’ll handle the cost when the time comes.
According to the U.S. Department of Education, college costs have increased 6.5 percent every year for the last decade, which means by 2030, it will cost an estimated $44,047 per year for public college tuition, or more than $205,000 over four years if college costs continue to increase as they have over the last decade. With a number that high, a family needs as many avenues as possible to defray the cost.
To help save for college, a Utah Educational Savings Plan 529 account offers benefits including tax-deferred earnings, tax-free withdrawals, and Utah state income tax benefits.
The overall total cost of higher education can be overwhelming to think about, but creating a habit of putting small amounts of money away at a time goes a long way. Every dollar you are able to save now is a dollar less you’ll owe when it’s time to pay back those student loans and interest. Make that savings habit your education resolution this year.
Here are several ways to contribute to your UESP account.
· Online: Make one-time or recurring electronic contributions at my529.org.
· Check: Include the UESP account number and beneficiary’s name and mail it to UESP.
· Payroll: Deposit a portion of your paycheck into your UESP account at my529.org.
· Gift Program: Go to Account Access at my529.org and sign up to invite family members and friends to contribute.
· Rollover: Contact UESP for assistance in rolling over assets from another 529 plan.