529 College Savings Plans
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Many families like 529 plans because the money is set aside specifically for college-related expenses. Qualified withdrawals are tax-free and can be used for tuition, mandatory fees, books, supplies, equipment, and certain room and board costs.2
As a Upromise member, you can transfer your Upromise cash back earnings into a 529 plan account to help your savings grow. You can:
If your 529 plan account isn’t eligible for linking, you can request a check from Upromise and contribute your earnings directly into your 529 plan account.
The SSGA Upromise 529 plan is designed to be an affordable option to help families save for college over time. This plan, along with other eligible plans, can be linked directly to your Upromise account so your cash back earnings are automatically transferred on a periodic basis.5
College may be expensive, but if you plan ahead it doesn't have to be out of reach. What's most important is to start saving right now. When you enroll in a 529 plan, you can get the contributions flowing — and you may be surprised at how they can add up!
As you can see in the hypothetical graphic below, a parent who saves $50 per month when their child is born and then stops at age 10, will save as much as someone who starts saving $50 per month at age 5 to age 18.
Illustration assumes a rate of return of 4% annually with all interest and dividends reinvested. Parent 1 makes a $50 initial deposit when the student is born and continues to make $50 monthly deposits until age 10, and then stops making deposits until year 18. Parent 2 makes a $50 initial deposit when the student turns 5 and continues to make $50 monthly deposits until age 18.
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Saving for a Grandchild’s Education
Virginia has saved $7,500 for her granddaughter’s college education with Upromise and a 529 plan.