Indiana 529 College Savings Plan – CollegeChoice 529
About: CollegeChoice 529 is a Section 529 plan offered by the Indiana Education Savings Authority (Authority). Ascensus Broker Dealer Services, Inc. serves as the Program Manager. Ascensus Broker Dealer Services, Inc. and its affiliates (Ascensus College Savings) have overall responsibility for the day-to-day operations including investment advisory, recordkeeping and administrative services, and marketing. CollegeChoice 529 is designed to help individuals and families save for college in a tax-advantaged way and offers valuable advantages including tax-deferred growth, generous contribution limits, attractive investment options, and professional investment management.
Phone #: 1-866-485-9415
Investment Options: Upromise Investments, Inc., which was acquired by Ascensus College Savings in 2013, took over the management of the Indiana CollegeChoice 529 Direct Savings Plan from JPMorgan, and it now features an age-based option using Vanguard index and Loomis Sayles funds, seven individual portfolios using a variety of investment managers, and an FDIC-insured savings account from Sallie Mae Bank.
Tax Benefits: A 20% tax credit on up to $5,000 per year in contributions to an Indiana 529 plan can be claimed against Indiana income tax (maximum yearly credit is $1,000). Effective January 1, 2010, rollover contributions and contributions generated through a rewards program are not eligible for the credit.
State Residency Requirements: No state residency is required to participate in Indiana 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ 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.