Tennessee 529 College Savings Plan
About: The TNStars College Savings 529 Program is the Tennessee 529 college savings program, a program that is designed to make college savings easy. The program offers parents and other relatives a low-cost way to save for children’s college expenses with attractive investment options and special tax advantages.
The Tennessee 529 college savings program is administered by the Tennessee Treasury Department. It features an age-based option, individual investment options with underlying funds from a range of fund companies including Vanguard, DFA, and Primecap, and an interest bearing account option with First Tennessee Bank.
Phone #: 855-386-7827
Investment Options: An age-based option offers five age bands. Contributions are placed into the portfolio corresponding to the beneficiary’s age and automatically shift to a more conservative portfolio over time. They also have14 individual options investing in Vanguard, DFA, or Primecap funds, or an interest bearing account option with First Tennessee Bank National Association. Investments are managed by Vanguard and DFA in the age-based option; Vanguard, DFA, and Primecap in the individual options
Tax Benefits: Under the Tennessee Investments Preparing Scholars Program, eligible families can receive a matching contribution of $100 for a minimum $25 investment, or $500 for a minimum $125 investment. Families can reapply each year, up to a $1,500 maximum benefit per child.
State Residency Requirements: No state residency is required to participate in Tennessee 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ 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.