Finding out about the NY529 College Savings Program Direct Plan was a financial game-changer for our family. My daughter is learning to include the magical, free money from tuition loans into her financial budget and my boys are just as carefree and clueless, as my daughter was at their ages. The NY529 Direct Plan is an investment account useful for Higher Education savings, usually sponsored by the state, allowing your earnings to grow federally tax-deferred, qualified withdrawals are tax-free, and some states, have other tax benefits (thanks, New York!).
Parents, family, and friends a U.S. citizen or a resident alien. As an account owner, you'll pick investments, assign a beneficiary, and determine how the money is used. If you're a New York State taxpayer, you can also benefit from the state tax deduction.
As a mom that has become quite familiar with the many expenses of my kids' education, saving now toward their future qualified higher-education expenses, such as their tuition payments, books, curriculum supplies, equipment, qualified expenses for the purchase of certain computer equipment, software, and computer-related services, and also certain room and board fees, is an investment worth taking advantage of today.
Please Note - All investing is subject to risk, including the possible loss of the money you invest. Investments in bonds are subject to interest rate, credit, and inflation risk. Investments are not guaranteed or insured.
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