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Saving in September
Since we're already thinking about school schedules and whatnot now that September is in full swing, it's only fitting that Sallie Mae and UPromise want us to be thinking about saving for college. All.Month.Long.
That's right, everyone! Happy National College Savings Month! We didn't get you a gift or anything, unless you count the gift of useful information...
Did you know that only 9% of families paid for college last year using a college savings fund? That means most people out there don't know about 529 Savings Plans that can help them set aside money for college, free of federal income tax. Hello? Why aren't we all taking advantage of that?
There are so many ways to save for college, and even though the price of tuition is going higher and higher, don't let it stop you from saving what you can! Tell us how you're setting aside funds for your student (or yourself) as we get back into the swing of the school year. Do you have a 529 in place? Why or why not? [Forbes]
I don't have kids, but I'm always happy to hear that there are plans out there that can help people find real solutions to saving for their kids' college.
A great way to increase 529 college savings is by registering it with Freshman Fund (Link). Freshman Fund is like a registry for college savings. Parents go to the site, attach their 529, create a public profile and email friends and family a link where they can contribute directly into the child’s 529 account in lieu of or in addition to the usual birthday/holiday gifts. Great for parents and great for gift givers and it’s environmentally friendly gifting.
DISCLOSURE: I’m the founder of Freshman Fund (Link). I was at my niece’s birthday party watching her tear through a pile of gifts taller than she was. At the end of the melee my gift was tossed aside into a pile of other forgotten gifts. I spent a-lot of time and money selecting her gift and I though it was a waste. I told her parents that from now on I was just going to contribute to her college savings. I asked them what website to go to in order to that and none existed. So I started Freshman Fund (Link).