Oregon 529 – the Oregon College Savings Plan
About: A 529 college savings plan helps you save more over time. Any earnings grow free from federal tax, and many states offer a state income tax deduction or tax credit for contributions. Limitations apply. See the Disclosure Booklet for details. As a 529 Plan, the Oregon College Savings Plan also offers certain gift and estate tax planning benefits; consult your tax advisor. And withdrawals are tax-free at both the federal and state level when used for qualified higher education expenses.
Phone #: 1-866-772-8464
Investment Options: Their Age-Based Portfolio option contains 9 portfolios of underlying mutual funds. Contributors can also select among 7 multi-fund portfolios (Aggressive, Moderate, Conservative, Diversified U.S. Equity, Diversified International Equity, Diversified Fixed Income and Balanced Index), 6 single-fund portfolios, and the Principal Plus Interest portfolio. The investments are managed by Mutual funds from TIAA-CREF and nine other mutual fund families.
Tax Benefits: As a 529 Plan, the Oregon College Savings Plan offers unsurpassed income tax benefits. There’s no federal gift tax on contributions up to $14,000 per year for single filers and $28,000 for married filers. There’s even an option to gift amounts up to $70,000 for single filers and up to $140,000 for married filers if pro-rated over 5 years. Contributions are deductible for Oregon income tax purposes up to annual limits that are indexed annually for inflation.
State Residency Requirements: No state residency is required to participate in Oregon 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ 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.