Wyoming 529 College Savings Plan – Look to Colorado for Help
Wyoming 529 College Savings Plan
Wyoming no longer operates its own 529 plan, having terminated the state’s 529 savings plan in 2006 and distributing all account balances to the account owners. Wyoming’s agreement with Colorado’s CollegeInvest whereby Wyoming residents could participate in any of the Colorado 529 savings programs under the same terms (i.e. fee waivers) as Colorado residents ended at the end of 2011.
Colorado 529 College Savings Plan
About: The CollegeInvest 529 Scholarship is designed to award scholarships to Colorado residents of middle-income families who have planned for a higher education by saving with a CollegeInvest 529 College Savings Plan. This is a great opportunity for students or adults looking to go to college or vocational school for the first time, those planning to go back to school, or looking to change careers.
Phone #: 1-800-997-4295
Investment Options: The Age-Based option is offered in 3 different risk levels (Aggressive, Moderate, and Conservative) each containing 4 or 5 portfolios of underlying mutual funds. The investors can also select among 5 multi-fund portfolios with varying risk tolerances and 3 individual-fund portfolios. These investment options are from Vanguard mutual funds.
Tax Benefits: Contributions to a Colorado 529 plan, to the extent of the contributor’s Colorado taxable income, are deductible in computing Colorado taxable income. Rollover contributions are not eligible for the deduction.
State Residency Requirements: No state residency is required to participate in Colorado 529 College Savings Plans.
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.