Minnesota College Savings Plan – Minnesota’s 529 College Savings Plan
About: The Minnesota College Savings Plan is a state-sponsored, tax-advantaged 529 college savings plan that’s helping families and individuals plan for the cost of higher education. It’s available to any citizen or taxpayer. And just about anyone can help contribute including Grandparents, other family members, and friends. Minnesota College Savings Plan is a TIAA-managed 529 savings program features an age-based option and ten fixed options including a guaranteed option.
Phone #: 1-877-338-4646
Investment Options: The Managed Allocation Option of the Minnesota College Savings Plan contains 9 portfolios of underlying mutual funds. Investors can also select among 10 options: 7 static blend portfolios, two single fund portfolios, and the Principal Plus Interest Option. TIAA-managed 529 savings program features an age-based option and ten fixed options including a guaranteed option.
Tax Benefits: As a 529 Plan, the Minnesota College Savings Plan offers unsurpassed income tax benefits. Although contributions are not deductible on your federal tax return, any investment earnings can grow tax-deferred, and distributions to pay for the beneficiary’s college costs come out federally tax-free.
State Residency Requirements: No state residency is required to participate in Minnesota 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.