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Saving For College And Career Dreams With Ohio 529

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My husband and I started investing with CollegeAdvantage in 1990, when our son was just one year old. My own experience of working full-time and going to college part-time influenced my desire to ensure that our son could have the funds to attend college without financial worries.

Ultimately, our son chose to attend Mount Union College. Between a scholarship, our CollegeAdvantage investments, and some tax breaks, he was able to attend the college of his choice. Financing his dream was made possible by some of the financial choices we made when he was young.

Our son’s last year in college could have been very challenging financially if it were not for our investments in CollegeAdvantage. My husband retired from his job in 2010. Shortly after that, I found myself a victim of downsizing. It was at the height of the recession and high unemployment. If we had not prepared financially for his education, our son may not have been able to finish college on time.

We think that he always appreciated what we did for him, but it really hit home for him in his third year of school. He saw his friends get closed out of classes because of school fees being paid late. He also saw that his friends worried that they might not be able to finish college because of financial worries. After graduation in 2011, many of them (all honors students) had to take jobs out of their chosen field (many at just above minimum wage salaries) because their student loans were coming due. They all got a lesson in the economics of a recession. Needless to say, our son thanked us repeatedly for putting him through college without any debt!

We are happy to report that our son is now in the graduate program at Bryn Mawr College of Pennsylvania with a full scholarship. He received his Master’s degree last year and continues in his pursuit towards a PhD in Physics. His goal is to teach physics at the college level.

Would he be where he is today without our investments in CollegeAdvantage? Probably not.

Thanks for helping us give our son the gift of a higher education.

Pat and Vince Sr. Gregoric

Mayfield Heights, Ohio

​This story was originally published April 9, 2015.
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529 Short Course: New Parents

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5 things every new parent needs to know about saving for education

  1. Why Ohio 529?
    529s are specifically created for higher education savings. Unlike a traditional banking account, a 529 account benefits from tax-free earnings and tax-free withdrawals. For Ohio residents, there is also a state income tax deduction for those contributions.
  2. It’s simple to start.
    You can open your 529 account online in minutes with as little as $25. With ready-made portfolio options, you don’t have to be a financial expert to feel confident in your savings plan choices.
  3. Set it and forget it with automatic deposits.
    The sooner you start saving, the longer your account benefits from the Ohio 529 tax advantages as well as compound interest. Many new parents take their 529 contributions off their to-do list by setting up small automatic deposits from either their banking accounts or paycheck. Also, with our ReadySave 529 app, it’s also easy to track and adjust your account right on your mobile device.
  4. Save for college, career training, and more.
    Ohio 529 can be used at over 30,000 schools of all kinds, nationwide, including universities; community colleges; trade, technical, and vocational schools; certificate programs; and apprenticeships. Your Ohio 529 account can also pay for K-12 tuition at a public, private, or religious school. And, if it’s not needed for educational expenses, you can now roll over your 529 to a Roth IRA.
  5. Others can help.
    It’s easy for family and friends to contribute to your child’s account and receive tax benefits for themselves. You can share your account’s unique Ugift number with others to contribute online without creating their own 529 accounts. Those who live in Ohio will also receive a state income tax deduction for their contributions. Also, you can sign up to have reminder emails sent to you and loved ones for the big milestones in your child’s life.
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A mother watches her daughter open a gift

Ugift Is Savings Gold

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Hoping to find gold at the end of the rainbow? If you are saving with Ohio 529 CollegeAdvantage, you have the benefit of Ugift with your account, which is savings gold.

Ugift makes it easy for others to give to your Ohio 529 account. With Ugift, you generate a unique code which allows loved ones to contribute to your Ohio 529 savings plan without needing the actual account number. Once they have the Ugift code, your friends and family can visit Ugift529.com to make their online gifts directly to your 529.

When friends and family ask for gift ideas, share that you are saving for your child’s future education with Ohio 529. Then invite them to join in with gift contributions to your Ohio 529 account with Ugift. After all, a gift for your child’s education will truly last a lifetime.

The quickest and easiest way to pass along your child’s Ugift code is with the ReadySave 529 app, which you can access as an Ohio 529 CollegeAdvantage account owner. At the bottom of every page is an Ugift icon. Click on the gift symbol to view your Ugift code which you can send immediately as an invitation via texts, emails, and Facebook/Instagram chats from your phone.

Or log into your account online to view your child’s Ugift code to send to family and friends who would like to give the gift of education.

The Ugift code doesn’t expire. Which means whenever there is an occasion to celebrate­ like baby showers, holidays, birthdays, graduations, and special achievements, your family and friends can give to your Ohio 529 account. And they can choose to contribute as much as they want whenever they want. It can be a one-time gift or recurring gift; all they need is that Ugift code. Your loved ones’ contributions - whether big or small – will add up over the years. Added to the power of compound interest, these gifts will power your 529 savings to cover even more college and career training costs.

An added bonus for gift givers who live in Ohio: They are also eligible to receive a state income tax deduction for their Ohio 529 gift contributions, up to $4,000 per year, per beneficiary.

To learn more about all of the gifting options with Ohio 529 and order cards for special occasions, visit  529 Gift Central.

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  • 1 Thumbnail image for WATCH: Understand the cost of delaying
  • 2 Thumbnail image for WATCH: Compare the two most common ways to save
  • 3 Thumbnail image for READ: The 5 things every new parent needs to know about saving for education
  • 4 Thumbnail image for WATCH: Wondering about flexibility?
  • 5 Thumbnail image for WATCH: Here's help figuring out how much to save.
  • 6 Thumbnail image for READ: Why a Ugift code is savings gold
  • 7 Thumbnail image for WATCH: Concerned about annoying fees?
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