As of March 4th, 2019, 27 states formed an alliance to tackle the student debt crisis through a national campaign. According to a recent press release from the 529 College Savings Plan Network, the campaign seeks to “limit college debt for new generations by helping families plan ahead for higher education costs.”
The alliance involves 46 partners, including state treasurers, higher education agencies, financial service firms and other state officials. Despite America's ever-shifting political and social climate, we’ve found an imperative we can agree on: eliminating student loan debt and saving for future education costs.
When it Comes to College Savings: 68 Percent of Americans Are Not “In the Know”
According to a February 2019 poll conducted by the 529 College Savings Plan Network, 68 percent of Americans have never heard of state-led 529 College Savings Plans. That is an astonishing statistic.
Considering they are one of the most successful way to set aside funds for future college costs and avoid student loan debt, we here at LEAF are taking the opportunity to illuminate exactly what 529 College Savings Plans are, and why you should be contributing to one.
What Is a 529 College Savings Plan?
A 529 plan is a tax-advantaged college savings plan designed to encourage saving for future college costs. 529 plans are created and operated by states or educational institutions to help families save for higher education expenses of a beneficiary such as one’s child or grandchild. Typically, a parent or grandparent will make a contribution to a child’s 529 plan. There are over a hundred plans sponsored by individual states: some states offer a tax benefit to residents and almost all plans are open to residents of any state.
Looking for a deeper dive on 529 Plans? Here’s everything you need to know on our “529 Plans Explained” page: https://www.leafsavings.com/learn-more/what-is-a-529-plan/.
You Can Give the Gift of 529 College Savings
One way to show your support for the future of education and debt relief is by sending a 529 College Savings Gift Card. A LEAF gift card is a caring way to help your loved ones and their families set aside funds for college education expenses. When you purchase a card at our easy-to-use website, you can choose from an array of colorful and festive designs in any whole dollar amount from $25- $1,000. The Easter Bunny is visiting soon! Click here to learn about other great benefits like fully insured transfers and the assurance that your gift is making a real impact.
529 Plan Signup Simplified: The LEAF Platform
Are you ready to start contributing? Then we’re ready to help. Contact us today and we’ll get you signed up, secured and ready to start saving for college!