How to Give the Gift of Education Through a 529 Plan
Giving to children this holiday season is not just limited to finding another Lego set; instead you can invest in a child’s future by setting up a college savings fund for them.
The Pennsylvania State Treasury is offering a way to save for college through tax-deductible investments, the 529 Plan. Through the month of December the treasury is also waiving the $50 enrollment fee.
“This year a lot of people seem to be looking for non-traditional holiday gift ideas versus more traditional material toys or gadgets that kids often grow tired of or outgrow, and really what is more meaningful than giving a child help with achieving a college education,” said Carrie Lepore, Communications and Outreach Director for the Pennsylvania 529 College Savings program.
Through Ugift the treasury has set up a way for friends and family to put away in the plan by using an online code, given after the account is activated. There is also an online certificate givers can print out to present to the child at Christmas.
The plan can also be used for trade and technically schools, and accounts can be transferred to other family members if the child chooses not to attended college.
“That something that’s so meaningful when you are actually literally investing in that child when you help them save for college is a really beautiful gift,” said Lepore.
Gifts must be a minimum of $25. To set up a plan or learn more online.