While college is a good investment, it is expensive. Tuition costs are likely to keep rising, so it’s good to have a plan. Start saving as early as possible. Every dollar saved today is one less you’ll need to find in grants, scholarships and student loans later.
One of the best ways to save money for college is with a College SAVE 529 account. With a 529 account, your money not only grows tax deferred which means your money grows faster, but North Dakota tax filers may deduct contributions annually from their North Dakota taxable incomes. And when the time comes to take the money out of your account for qualified college expenses, your withdrawal is tax free.
North Dakota has a couple ways for you to receive matching grant money in your College SAVE account.
Every North Dakota newborn can receive up to a $200 matching contribution if an account is opened by the child’s first birthday.
Four of five North Dakota families qualify for the BND Match which is $300. This is dependent upon income and the beneficiary must be 15 years of age or younger.
BND Match criteria
|Your adjusted gross income (previous tax year)||You are eligible for:|
|$80,000 or less if single||$300|
|$120,000 or less if married, filing jointly||$300|
The BND Match and New Baby Match are subject to the availability of funds and can be modified, reduced or stopped at the discretion of Bank of North Dakota.
For more information about North Dakota’s College SAVE Plan (College SAVE), call 1-866-SAVE-529 (1-866-728-3529). Investment objectives, risks, charges, expenses, and other important information are included in the Plan Disclosure Statement; read and consider it carefully before investing.
If you are not a North Dakota taxpayer, consider before investing whether your or the designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarships, and protection from creditors that are only available for investments in such state’s qualified tuition program.
The College SAVE Plan (College SAVE) is a 529 plan established by the State of North Dakota. Bank of North Dakota (Bank) acts as trustee of College SAVE Trust, a North Dakota Trust, and is responsible for administering College SAVE Trust and College SAVE. Ascensus Broker Dealer Services, LLC (ABD), the Plan Manager, and its affiliates, have overall responsibility for the day-to-day operations of the Plan, including recordkeeping and marketing. The Vanguard Group, Inc. (Vanguard) provides underlying investments for the Plan. College SAVE’s Portfolios, although they invest in mutual funds, are not mutual funds. Units of the Portfolios are municipal securities and the value of units will vary with market conditions.
Investment returns are not guaranteed and you could lose money by investing in College SAVE. Participants assume all investment risks, including the potential for loss of principal, as well as responsibility for any federal and state consequences.
Not FDIC-Insured. No Bank, State or Federal Guarantee. May Lose Value.
Birthday gifts are awesome. Why would we even bother turning a year older if someone weren’t going to give us a present for it?
Let’s face it though. Some of our friends and relatives aren’t the best gift-givers. Maybe grandma remembers that you liked My Little Pony when you were six, and she gets you a My Little Pony gift every year – even though you stopped liking it seven years ago.
Even when you get cool gifts, for how long do you enjoy them? Are you still using that first-generation Kindle Fire you got six years ago? Do you even know where it is?
Instead of lame gifts or things you’ll quickly lose interest in, consider asking your friends and family to put money toward your future college education. Ugift® is a hassle-free way to put money in your College SAVE account. Gift contributions can be made online or by check. It’s secure and free and there is no need to register for the service.
Visit collegesave4u.com to learn more about Ugift® today.