When was the last time you went out to eat with your family? I’m willing to bet you spent at least $30-$40. When I go with my family of five, we spend at least $50 and that’s before the tip! Did you know that for even less than that – for $25 – you can open a NY529 college savings account here in NY state? I recently found out this tidbit – and more at a Momtrends event at the Institute of Culinary Education in Manhattan.
The event was a lot of fun! I brought my four-year-old and he had a great time cooking an Italian meal in a professional chef’s kitchen, along with other bloggers’ kids. While he was cooking I got to hear all about NY529 and although we have accounts for all three of our kids I was surprised to learn so much valuable information.
Here are some cool facts that I didn’t know before about NY529 College Savings Plan:
- $25 is all you need to open an account.
- The money saved up can be used for any 2 or 4 year college, vocational/technical school or graduate school.
- If your child ends up getting a tuition scholarship the money can be used for expenses such as room and board and books.
- Funds can be used in any accredited school in the world.
- If your child gets a full ride to college, the money can be used for either graduate school, or it can be transferred to other siblings or relatives, such as cousins and grandchildren.
- Friends and family can give directly to the plan in lieu of birthday or holiday gifts (money can also be given from an estate).
- You can receive federal and state tax benefits for the money that you put in (you take a deduction).
- You can choose for the money to get invested in mutual funds. When the market goes down and stocks fall, shares of mutual funds are automatically purchased at the lower price so you get the benefit of having more shares.
- The money can be rolled over from another state.
- Annual fees are extremely low; 0.16% of your account’s assets, which means $1.60 for every $1,000.
While I learned more about NY529, my son was busy making pasta, gnocchi and garlic knots. Can you tell he had a blast?!
They made everything from scratch, including gnocchi, below:
He got to use the pasta machine!
Garlic knots were fun to make!
Visit www.nysaves.org to learn more.
Photos courtesy of Momtrends
NY529 College Savings Plan
Senior Reviewer Maytal Wichman has also written for The Huffington Post. She has been living in New York City for fourteen years and holds a Bachelor’s Degree in English Literature as well as a Law Degree, but blogging is her true passion. Maytal is a stay-at-home mom to three kids (ages 10, 8 and 4) and loves finding great products that make her family’s life easier. S