College is an investment for a lifetime - the gift of a college education can open the door to a world of opportunity for your child or grandchild. Saving, even a little at a time, can make a big difference down the road. With the cost of a college education continuing to increase, the key is to start saving early and regularly. Mission Tuition can help you achieve these goals.
Saving for your child's college education is an investment in their future. According to the U.S. Census Bureau, college graduates earn an average of $1 million more than high school graduates during their careers. The value of your investment in a college education will continue to grow for a lifetime. It will pay for itself both personally and professionally.
What is a 529?
A 529 plan is a tax-advantaged investment plan designed to encourage saving for the future higher education expenses of a designated beneficiary (typically one's child or grandchild). The plans are named after Section 529 of the Internal Revenue Code and are administered by state agencies and organizations.
529 Plan Advantages
Mission Tuition enables you to earn savings on your everyday shopping purchases, and then deposit these savings into a 529 plan.
While the tax advantages are one of the primary benefits, your state also offers a variety of features and benefits to help families reach their college savings goals too. Key advantages of 529 plans are:
- All withdrawals from 529 plans for qualified education expenses will remain free from federal income tax!
- Many states also exempt withdrawals from state income-tax for qualified higher education expenses.
- Money can be used at virtually any accredited college in the country.
- Money can be used to pay for tuition, fees, room, board, books, supplies and required equipment.
- Assets within 529 plans are protected from bankruptcy.
- 529 plans are also offered through professional financial advisors who can help you choose the right plan and investment strategy to meet your needs.
To learn more about 529 College Savings Plans click here.