About: Hawaii’s College Savings Program switched program managers in November 2007 from Delaware Investments to Upromise Investments, Inc., which was acquired by Ascensus College Savings in 2013. The program uses Vanguard Funds in its age-based option, four multi-fund fixed options, and two individual-fund options.
Phone #: 1-866-529-3343
Investment Options: The Age-Based Option contains 4 portfolios of underlying investment strategies. Contributions are placed into the portfolio corresponding to the beneficiary’s age, and later reassigned to more conservative portfolios as the beneficiary approaches college age. Investors can also select among 4 multi-fund portfolios (Growth, Moderate Growth, Conservative Growth, and Income) and 2 individual-fund portfolios (Total Stock Market Index and Money Market). Hawaii’s College Savings Program is managed by Vanguard mutual funds.
Tax Benefits: Earnings grow tax deferred from federal and state income taxes. Withdrawals for qualified higher education expenses are exempt from federal and state tax. Contributions qualify for the $14,000 (or $28,000 for married couples filing jointly) federal annual gift tax exclusion per beneficiary.
State Residency Requirements: No state residency is required to participate in Hawaii 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ 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.