savings_stories_MONSMAN

In 2015, CollegeAdvantage celebrated its 25th anniversary. In honor of this milestone, many longtime account owners shared their Saving Stories and how using CollegeAdvantage helped them achieve their goals. We are fortunate to have these encouraging stories of how families prioritized their children’s higher education and are sharing them again. 

My ongoing relationship with CollegeAdvantage began 25 years ago with the death of my beloved grandmother. When she passed at the age of 90, I was a young mother of two preschoolers teaching full time in Ohio's public schools and struggling to fit my own graduate school courses into my already overflowing life. I thought there might be just a small inheritance, knowing how hard she had struggled through the Depression, and had envisioned possibly being able to purchase and plant a commemorative tree. Much to my surprise she left me $2,000!

Always the person looking for a bargain; I had been paying close attention to the news about Ohio's new plan to help parents pay for college. And though there were sooooo many things I would have liked to buy with that "found" money, I knew that the best way to honor my grandmother's memory was (at this moment tears are literally streaming down my face reliving those feelings) was to invest in her great-grandchildren's future!

Money was always tight as I was raising my children and many times I was tempted, but I never touched that money. Ever. And it grew.

By the time my eldest had reached college age, her portion of that initial helped her to attend John Carroll University. But our story wasn't over yet. My daughter graduated from John Carroll University with a B.S. in Chemistry. Then she went on to earn another B.S. in Nursing at Ursuline College and is now pursuing a Masters in Nursing as a Family Nurse Practitioner. Meanwhile CollegeAdvantage has been helping to finance her dreams every step of the way.

While her sister did not make the same use of her educational opportunities, I was able to transfer her CollegeAdvantage fund to her sister's account to continue to finance her education without penalty (yet another “advantage” of CollegeAdvantage)! And our story is not over yet!

I now have two grandchildren almost the same age as my daughters were when I started saving for them with CollegeAdvantage. For each of their first birthdays, I created accounts in their names with a substantial investment to each. As with the now two previous generations, accumulating a large initial investment was a struggle, but if there is ONE thing this family has always believed in it is education!

With each grandchild, I worked a second part-time job for an entire year to come up with that money to start each account, and I have every intention of doing it again for every grandchild I am blessed with. I also now contribute monthly to those two accounts while still continuing to pay into my daughter's account as she pursues her Masters in Nursing. And there is still one more piece to this story!

Every baby shower, birth announcement, and niece or nephew's birthday is celebrated with a contribution to CollegeAdvantage in their name. In the past year alone, we have delivered three CollegeAdvantage introductory packets to new parents with accompanying checks made out to the Ohio Tuition Trust Authority. We then explained the program to each of them and the audience of family and friends at their parties. Clothes and toys will be forgotten in a week; helping to pay for college will hopefully be remembered for a lifetime! And, the story continues... 

Denise Monsman

Mantua, Ohio

This Saving Story was originally published April ​30, 2015.
Back To Top

Notice

Closing the playlist now will erase progress completed.

Lightbulb icon

529 Short Course: New Parents

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.

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.

  • 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?
  • 8 Thumbnail image for WATCH: The simplest, most popular way to invest
  • 9 Thumbnail image for WATCH: Complete portfolios with predefined risk levels