North Sanpete students get a boost in financial literacy

Saving early for higher education can pay off

my529 and the Utah Jump$tart Coalition are pleased to support a financial literacy campaign with North Sanpete School District elementary schools.

kids college savings

my529, Utah’s educational savings plan, can help parents prepare for future college or technical school expenses. If you open a my529 account and contribute $10, you can receive a $10 match as long as promotional funds are available. Just use the promo code 2011PETE when prompted at opening.

How to do it

  1. Open a my529 account between November 2 and November 27, 2020.
  2. Enter promotional code 2011PETE.
  3. Contribute at least $10.
  4. my529 will deposit $10 into your new account.

To qualify, the account owner must be a Utah resident and the my529 account must be for a beneficiary who is new to my529.

*Only valid between November 2 and November 27, 2020, or while promotional funds are available.

Continue reading to determine whether my529 is right for you.

my529 is direct-sold

You can open a my529 account directly. A financial advisor isn’t necessary.

Anyone age 18 or older can open an account

  • You don’t need to be related to the beneficiary
  • You can open an account for yourself
  • You don’t need to be a Utah resident
  • No cost to open an account

Planning for your child’s higher education, but not sure where to start?

my529 partnered with Invite Education to provide its College Planning Center resources including financial calculators, test prep, a scholarship search engine, a link to the federal student aid application (FAFSA), and college application tools.

Anyone can use the free College Savings Estimator. Use the estimator without a my529 account or family profile. To access other resources, open a my529 account and create a College Planning Center profile.

Tax-deferred growth

Account earnings accumulate tax-deferred. Your balance can grow faster because you don’t pay taxes annually on account earnings.

Tax-free withdrawals

Earnings on withdrawals are exempt from federal and Utah state income tax if the funds are used to pay for qualified higher education expenses, such as:

  • Tuition and mandatory fees
  • Books, supplies and equipment required for enrollment
  • Computers, related software and equipment, and internet service
  • Room and board for students enrolled at least half time
  • Services required for a student with special needs to attend a post-secondary school
  • K-12 tuition expenses of up to $10,000 per year per beneficiary (from all 529 accounts) at public, private, or religious schools
  • Payments up to certain limits on qualified education loans (student loans)
  • Registered apprenticeships

Low fees

my529 fees are among the lowest in the 529 industry. Learn more about my529’s fees and fee structure. 

Investment options

my529 offers 13 investment options. (Note: Your investment could lose value.)

How account funds can be used

Withdrawals can be used for the qualified higher education expenses of your beneficiary at any eligible educational institution in the United States or abroad.

An eligible educational institution generally includes any accredited public or private college, university, or technical school that is qualified to participate in federal student aid programs. Contact your school of interest to determine their eligibility. You can also find a complete list of institutions, updated quarterly, at the U.S. Department of Education federal student aid site.

Important notice: Federal and state tax consequences will apply if account earnings are used for nonqualified expenses.

Utah account owners may qualify for a Utah state income tax credit or deduction.

 

Please read the my529 Program Description for more information.