savings_stories_RAAB

CollegeAdvantage, founded in 1989, has been around long enough that children whose parents saved for them, now have their own children and the now grandparents continue to save in CollegeAdvantage ​529 accounts for future college expenses. The Raabs are one such family of generational college savers.

Without a doubt, my husband and I both agree that putting our ​two children through college through the CollegeAdvantage program was the best financial decision we've ever made! We believed in the program so deeply, and we told everyone we knew about it! To this day, we continue to brag about our wise decision to utilize the CollegeAdvantage program!

My husband and I are both graduates of Ohio State. He is a Veterinarian, and I am a Pediatric Nurse Practitioner. It was a high priority of ours to save for our children's college education. The problem was, we didn't have much money. We went to an informational session in our community on the CollegeAdvantage program and we thought it was something we could afford if we worked on it little by little. In the beginning, it was a struggle. We often put our own savings on hold in order to pay into the program. Whenever grandparents or relatives gave us money for the girls for holidays or birthdays, we put it in the CollegeAdvantage account. Our girls were 3 and 5 years old when we began saving and it took us 14 years to fund their entire education, but it was well worth it for them to have no college debt! We were so proud of ourselves when we achieved our goal!

Our oldest daughter was a Valedictorian and she went to Miami University. She graduated in three years summa cum laude in Botany. When she went on for her Master's degree in Environmental Science at Cleveland State University, she still had a full year of tuition she could use to pay for her graduate education! Having her first job and a new apartment, she had minimal funds and these savings served as a Godsend to her! Currently, she is an Environmental Specialist with the NE Ohio Regional Sewer District in Cleveland.

Our youngest daughter went to Ohio State and graduated in Nursing. Interestingly, she became good friends with a girl whose parents also participated in the CollegeAdvantage Program! She has her Master's Degree and works as a Nurse Anesthetist at Deaconess Hospital in Oklahoma City, Oklahoma.

We have a grandson now, and his first birthday is fast approaching! Our most important gift to him will be the opening of a CollegeAdvantage savings account for his future education. WE BELIEVE!!!!!!

Mary Raab

Waynesville, Ohio

This Saving Story was first posted in April 28, 2015.
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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.

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  • 6 Thumbnail image for READ: Why a Ugift code is savings gold
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