The Plan that Can
The Plan That Can
Help You Make The Most Of Your Tax Refunds.
What might happen using the same contribution amount:
In 17 years, tuition and fees might cost $116k.
We plugged the average federal tax refund for Ohio - $2,511 - 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 based on the actual investment performance, much like the mutual funds in your 401(k) Plan.
*Projections based on saving $2,511 for 17 years with 4 yr in-state tuition, books, and fees totaling $116,000.
529 Plan simulation based on 6% tax-free growth rate. Savings account simulation calculated using calcxml.com at national avg interest rate of .06%.
What if I don't want to take any risk at all?
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.
Use Ohio's 529 Plan at whatever school comes after high school.
Traditional four year colleges. Community colleges. Trade and specialty schools. Certificate programs. Apprenticeships. Graduate schools. While there are many paths forward for your kids, one thing is certain: Ohio's tax-free 529 Plan is the simple way to be ready to help. Your savings grow tax-free and stay tax-free when used for qualified higher education expenses. And Ohio's 529 Plan can be used at thousands of schools, nationwide.
How much to save?
Here's a good go-by for various types of programs covering all of in-state tuition and fees. Assumptions: 13 years to save, trend of higher education cost increases continues, investment growth of 6% per year. Results are not guaranteed and could be higher or lower.
MEDICAL ASSISTANT degree
DEGREE in education
FINE ART degree
CRIMINAL JUSTICE degree
VET TECH degree
ENVIRONMENTAL STUDIES degree
CULINARY ARTS degree
DEGREE in engineering
DEVELOPERS academy training