Utah 529 College Savings Plan
About: 529 plans are tax-advantaged savings vehicles designed to encourage individuals to begin to save for the future costs of higher education. The Utah Educational Savings Plan (UESP), a nonprofit trust fund, is the official and only 529 plan established and sponsored by the State of Utah. You do not have to be a Utah resident to participate in UESP. UESP is a direct-sold 529 plan, which means you can set up an account and make contributions by dealing directly with UESP.
Phone #: 1-800-418-2551
Investment Options: Four age-based investment options, with different underlying investments and risk levels, are offered. A fifth, the Customized Age-Based investment option allows for a customized account asset allocation from as many as 22 underlying investments, and automatically reallocates to a new customized underlying investment allocation each time the beneficiary’s age qualifies for the next of seven possible age brackets.
Eight static investment options are offered, a ninth, the Customized Static Option, allows for a customized mix of investments using as many as 27 underlying fund choices. Investments are managed by 16 Vanguard mutual funds, six Dimensional mutual funds, FDIC-insured accounts held in trust by UESP at Sallie Mae Bank and U.S. Bank National Association (U.S. Bank, and the Utah Public Treasurers’ Investment Fund.
Tax Benefits: Contributions to the Utah 529 plan of up to $1,900 in 2016 per beneficiary by an individual, and up to $3,800 in 2016 per beneficiary by a married couple filing jointly, are eligible for a 5% credit against Utah income tax. The maximum credit in 2016 is $95 per beneficiary for single taxpayers and $190 per beneficiary for joint filers.
State Residency Requirements: No state residency is required to participate in Utah 529 College Savings Plans.
Be sure to check out the paper writing service by essayservice.com to help your future student with writing entrance essays with their applications.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ 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.