West Virginia 529 College Savings Plan – SMART 529
West Virginia 529 College Savings Plan – West Virginia SMART 529 Select 529
About: All 529 college savings plans offer a tax-advantaged way to save for college, but only SMART529 Select offers a combination of access to world-class money management, low fees and expenses, and program administration through Hartford Life Insurance Company.
The West Virginia SMART529 Select 529 savings program is managed by Hartford Life and features age-based and static portfolio options utilizing Dimensional Fund Advisors mutual funds. Although DFA funds are typically available only through financial advisers, this 529 plan is direct-sold.
Phone #: 1-866-574-3542
Investment Options: The Age-Based Portfolios option consists of 7 portfolios of underlying mutual funds with varying risk tolerances. West Virginia also has 10 multi-fund portfolios with varying risk tolerances. Investments are managed by Dimensional Fund Advisors Inc.
Tax Benefits: Earnings in your account have the potential to accumulate tax-deferred until withdrawn. Qualified distributions are not subject to federal income tax. For a non-qualified distribution, the earnings portion is taxable to the individual who receives the payment, either the account owner or the designated beneficiary. If the payment is not made to the beneficiary or to an eligible educational institution for the benefit of the beneficiary, it will be deemed to have been made to the account owner.
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.