We’ve partnered with our sponsor Minnesota College Savings Plan on this day – 5/29 – to remind you that now is a great time to start saving money for your child’s education. Learn more and enter to win a $300 scholarship towards a new or existing Minnesota College Savings Plan!
We know as parents that time goes SO fast – whether your kid is in kindergarten or junior high, it seems like it was just yesterday you were holding your little one as a baby in your arms! Where does the time go?
It’s like the minute we become parents we are being bombarded with questions on saving for college- when all we can even think about is getting through the colic phase and getting just one more hour of sleep. The next thing you know your kid is in high school and you haven’t even started saving. OOPS. Well, even if your child is already in high school, the good news is that it’s not too late to start saving for their college education. And I’m serious, you can do it. Keep reading and I’ll tell you how.
529 college savings plan. That’s how you can still save. 529 college savings plan gets their name from the federal tax code, section 529. Basically, a 529 plan is a state-sponsored plan that enables anyone to set aside money for college but in a tax efficient manner.
And we LOVE efficiency!
Here are 5 things we (also) love about the Minnesota College Savings Plan:
1. You only need $25 and a few minutes to get started. Then you can set up contributions as low as $15 per pay period. I mean, that’s a freaking Starbucks you, know? Do you want coffee, or college for your kids? Ok, that was harsh. We need the coffee to work for the money to put into the college savings plan. I know. I’m sorry. But you get my drift, yes?
2. Your savings grow more due to tax advantages. Paying fewer taxes = more money for college! (Learn more.) And that’s good. More money for college is a wise investment.
3. You can use your savings for more than just tuition – like books, supplies, certain room & board costs and other expenses.
4. A student can use their savings for any accredited school nationwide – and even abroad. If the college has a student aid program, it qualifies.
5. Contributions can be made by anyone! Grandparents, friends, or anyone else who wants to help a student pay for college can make make gifts to your account.
Learn more about the Minnesota College Savings Plan on their website mnsaves.org.
Register for a chance to win a $300 Scholarship toward a new or existing MN College Savings Plan account! Just fill out the Rafflecopter form below with your information by Wednesday, June 28th at 11:00pm. Winner will be randomly selected and contacted by phone or email. (Disclosure: Everyone who enters may be contacted by the Minnesota College Savings Plan with more information.)
This giveaway is open to Minnesota residents ages 18 and up.