Virginia 529 College Savings Plans
Virginia 529 College Savings Plan
About: VA 529 has emerged as a premier 529 Plan in the country. What started as a vision for helping families pay for college via a prepaid tuition program has grown into the largest 529 plan in the country with over 23% of the nation’s 529 assets.
Our founding Executive Director and the Virginia General Assembly saw a need to help the families of the Commonwealth prepare for higher education in an affordable manner. Fifteen years later, they continue to deliver by offering four flexible, affordable and tax advantaged programs to enable families throughout the nation to pursue higher education.
Phone #: 1-888-567-0540
Investment Options: Virginia 529 programs come in two basic types– prepaid and savings. Some are offered directly by the 529 plan administrator known as direct sold programs, and some are available only through a financial adviser known as adviser sold programs.
Virginia 529 offers four unique programs that fit within these categories, offering many options in order to meet your savings strategy and style. Bank, savings and loan, or credit union issued deposit accounts, insured up to allowable limits by the FDIC. Bank, savings and loan, or credit union issued deposit accounts, insured up to allowable limits by the FDIC, respectively.
Tax Benefits: Contributions to a Virginia 529 plan of up to $4,000 per account per year are deductible in computing Virginia taxable income, with an unlimited carryforward of excess contributions. Contributions are fully deductible in the year of contribution for taxpayers at least 70 years of age. Contributions from a non-owner are deductible by the account owner and not by the non-owner/contributor.
State Residency Requirements: The account owner or the beneficiary must be a Virginia resident at the time of program enrollment.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards that can be used for college and tuition expenses.
The beauty of the Upromise program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.