NY 529 Direct College Savings Plan
|This is a Sponsored Post, however all opinions are my own!|
When I was in High school, my mother opened up a NY 529 Direct College Savings Plan for me. You're probably thinking "Wow, High school? 4 years is not enough time to save for college." You are wrong. It may not cover a full tuition or even half, but that wasn't our goal. Our goal was to pay for books, transportation, supplies, and some part of the semester tuition. I am so happy that the NY 529 Direct College Savings Plan allows you to set up your account the way you want for what your family needs.
The account owner (You) simply picks the investments, assigns the beneficiary, and determines how the money is used. As an added bonus, If you are a New York State Taxpayer with a NY 529 Direct College Savings Plan, then you will benefit from a state tax deduction come tax time. Opening a 529 will not only help with your financial planning, but it'll also allow your children to fulfill their dreams without the stress of borrowing money to further their education.
Fast Forward: Your 1st child who has a 529 is done with college or gets offered a full ride scholarship to attend the school they want to go to, but you have a 2nd child. NY 529 Direct College Savings Plan makes it super simple to switch beneficiaries! So the money that your 1st child doesn't need can now be used for your 2nd child's education. Don't have a 2nd child, but want to go back to school? No problem. YOU now become the beneficiary.