The Plan That Can Turn Your Tax Refunds Into Most Of College Tuition.
We plugged the average federal tax refund for Ohioans - $2,539 - into our College Savings Planner for 17 years. Then we compared the same money saved in an everyday, taxable bank* account. Remember, this is only a projection and your results could be lower or higher, much like the mutual funds in your 401(k) Plan.
*Saving $2,539/yr for 17 years; bank projection calculated using calcxml.com at national avg interest rate of .09%; 529 Plan projection calculated using the College Savings Planner; actual results could be lower or higher.
Ohio's 529 Plan offers a tax-free FDIC-insured savings account and CDs from Fifth Third Bank. Some people save exclusively in these. Some move money into these as college nears or while their student is in college. And some use them for K-12 private school tuition. The choice is always yours.