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529 College Savings Plans
News
Parents on Track to Cover Only 16% of College Tuition
As a result, they are increasingly resorting to additional revenue sources, such as having the child work part-time, assume student loans, live at home and commute or attend a public university.
New York 529 Selects J.P. Morgan as Investment Manager
The contract for the $1.9 billion portfolio is for seven years.
Fidelity Study: 2011 Graduates Carrying An Average $40,000 of Debt
Still, a majority of class of 2011 respondents, 66%, who are graduating with debt say the value of college is equal to or worth more than the debt accumulated.
529 Plan Assets Up 56% in Past Two Years
This beats industry estimates by 30%, FRC says.
Fidelity Cardmembers Earn $300 Million Cash Back Since Inception
Customers may apply this bonus money to investment accounts.
Articles
College-Savings Firms Adopt Cash-Back Loyalty Programs
Two college-savings companies are borrowing a page from the consumer cash-back loyalty playbook, offering customers rebates on services including refinancing mortgages or opening online bank accounts. Futuretrust, a unit of Destination Maternity Corp., and Upromise Investments have partnered with a series of other financial services companies to offer rebates that can be swept into section 529 college-savings plans. Futuretrust has teamed up with Citigroup and Wells Fargo's Wachovia Bank to introduce a program where customers get 25 basis points of the amount that they refinance or originate in a mortgage deposited in a 529 plan, said Adam Bashe, a managing director at the company. It also has partnered with Waterfield Bank, an Irvine, Calif., online banking company, to deposit 1% annually of a customer's average daily balance in a 529 plan.
Treasury Recommends 529 Savings Plan Fixes
The Treasury Department has proposed several improvements for Section 529 college savings plans, including the use of age-based index funds and the elimination of home-state biases. The report, prepared for the White House Task Force on Middle-Class Working Families, was introduced at a meeting of the White House task force, chaired by Vice President Joe Biden, at Syracuse University in New York, where attendees discussed ways to help families save and pay for college.
