For Immediate Release
12.15.2021
Sheena Kadi
Communications Director & Public Information Officer
sheena.kadi@state.co.us
303-349-8113
CollegeInvest 529 College Savings Accounts - Give the Gift of Higher Education this Holiday Season
DENVER, COLORADO: The holiday season can be stressful as one searches for the perfect gift. CollegeInvest 529 Savings Plans are the gifts that will always be on the shelves and available to invest in the higher education of your loved ones.
“Give a gift that has the power to change a life.To help others reach their full potential,” stated Dave Young, Colorado State Treasurer. “You don’t have to be a millionaire to afford to send your kids to college. Parents, grandparents, family, and even family friends have the ability to help fund their loved ones’ higher education through a CollegeInvest 529 Savings Plan.”
With increased prices, shipping delays, and supply chain concerns this holiday season, a financial gift towards a new or existing CollegeInvest 529 savings account is a hassle-free present for a loved one. More information on gifting can be found at www.collegeinvest.org/friends-family-gifting/
Founded on the principle that saving for post-secondary education is a vastly more effective strategy than borrowing, CollegeInvest is Colorado’s self-sustaining not-for-profit state agency designed to bring the most effective college savings resources to Colorado families, including a diverse array of 529 savings account options. In addition to the federal tax benefits, Colorado families saving with CollegeInvest are eligible for a dollar-for-dollar tax deduction on their state tax returns.
According to the College Savings Plans Network, Americans are saving over 464 billion dollars in 529 plans, making it easier and more affordable to plan ahead for the cost of higher education at colleges and universities, technical and community colleges, trade schools and many other post-secondary education programs like apprenticeships. Money saved in 529 college savings accounts grows federally tax deferred, and can be withdrawn tax-free when used for qualified expenses such as tuition, books, computers and more.
“The gift of college savings is both thoughtful and wise,” said Angela Baier, chief executive officer at CollegeInvest. “Now more than ever, Colorado families saving with CollegeInvest have even greater incentives. We are committed to bringing tangible savings resources to enhance the savings of Colorado’s hard-working families who need the most help.”
CollegeInvest adds to the savings of eligible Colorado families with its 529 Scholarship program, a newly expanded Matching Grant Program for low to middle-income families, and First Step, Colorado’s savings kick starter program that provides $100 for every new baby born or adopted in Colorado.
Families with a child born or adopted in 2020 or 2021 should claim their First Step award by December 31, 2021 to be auto-enrolled in Matching Grant for the 2022 calendar year and receive up to $5,000 over five years. Contributions made to new or existing CollegeInvest savings accounts by December 31st may be eligible for a dollar-for-dollar tax deduction on Colorado state income tax returns.
CollegeInvest is Colorado’s foremost resource designed specifically to help break down the financial barriers to attaining a higher education or vocational training. By providing expert information, easy-to-use planning tools, and an exceptionally diverse menu of tax advantaged college savings plans, CollegeInvest works to help Coloradans maximize their potential to save for college. CollegeInvest currently represents $11 billion in savings and 386,000 accounts, the majority of which are held by Colorado residents. Money saved in a CollegeInvest 529 savings plan can be used at any public or private college, university, community college, vocational schools and for apprenticeships.
For more information, please visit collegeinvest.org.
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