SACRAMENTO, Calif.--(BUSINESS WIRE)--September is College Savings Month! In recognition of this vital first step toward higher education, ScholarShare 529 - California’s official college savings plan - is offering eligible individuals a $100 bonus when they open a new ScholarShare 529 account and make a deposit of $1,000 or more during the month of September.
Now is the best time to begin investing in a loved one’s future. ScholarShare 529, California's official college savings plan, is a trusted, tax-advantaged 529 college savings plan that is overseen by the ScholarShare Investment Board, chaired by State Treasurer Fiona Ma. According to Treasurer Ma, “ScholarShare 529 helps families plan for the cost of higher education and the sooner the account is opened, the more time there is to maximize the growth potential of contributions. This College Savings Month offer is an excellent way for eligible families to kick start their college savings using ScholarShare 529.”
ScholarShare 529 provides several benefits that make the plan an appealing choice for those saving for college. The combination of 100% tax-free growth and low fees, which are less than the national average, can result in more money for college.* Saving with ScholarShare 529 provides the flexibility to use funds at any accredited school, and the plan’s smart investment strategies support wide-ranging savings goals and timelines.
“The cost of college can be a major concern and expense for families throughout California,” said Julio Martinez, Executive Director of the ScholarShare Investment Board. “A ScholarShare 529 account can help alleviate that stress by helping families open an account as early as possible with any dollar amount and contributing as budgets allow. Every dollar that’s saved upfront is one that won’t need to be borrowed later.”
A ScholarShare 529 account is not just available to parents of school-aged children. Anyone who wants to start saving for college can open and contribute to a ScholarShare 529 savings account. Once an individual has opened an account, they are given a unique Ugift® code which can be easily shared with family and friends via email, Facebook, Twitter, or other methods. The code gives loved ones the opportunity to contribute at any time by depositing birthday, holiday, and graduation money directly into the account.
This offer is valid the month of September (9/1/22 – 9/30/22) and requires an initial deposit of at least $1,000 between Sept. 1 at 12:01 a.m. and Sept. 30 at 8:59 p.m. Pacific Daylight Time. ScholarShare 529 will deposit $100 on or before January 31, 2023. Visit www.ScholarShare529.com/bonus for complete terms and conditions.
About ScholarShare 529
ScholarShare 529 serves as California’s official college savings plan. Administered by the ScholarShare Investment Board, ScholarShare 529 provides families with a valuable tool that offers a diverse set of investment options, tax-deferred growth, and withdrawals free from state and federal taxes when used for qualified higher education expenses, such as tuition and fees, books, certain room and board costs, computer equipment, and other required supplies. ScholarShare 529 manages more than $11.5 billion in plan assets across more than 381,000 ScholarShare 529 accounts as of June 30, 2022. To open a ScholarShare 529 account or get more information about the plan, visit www.ScholarShare529.com. For information about the ScholarShare Investment Board, visit www.treasurer.ca.gov/scholarshare, like ScholarShare 529 on Facebook at www.facebook.com/scholarshare529, and follow them on Twitter at @ScholarShare529. For more information about ScholarShare 529, visit www.ScholarShare529.com.
*Source: ISS Market Intelligence 529 College Savings Fee Analysis Q2 2022. ScholarShare 529's average annual asset-based fees are 0.22% for all portfolios compared to 0.52% for all 529 plans.
