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College Choice

Start the Year Fresh… Financially

January 01, 2008
Still putting away holiday decorations and the piles of toys your children received for Christmas? Ready for a fresh start to the New Year? And of course, how are you doing with the New Year's resolutions that were set so purposefully?

One of the best possible resolutions one can make is to do a better job of keeping your financial house in order. There are a number of questions you should begin to ask while preparing for the upcoming year. What are your spending priorities? Where can you cut costs? But more importantly, how much are you saving?

One of the largest expenses a family will incur is the cost of a college education. Each year the rate of increased costs of higher education outstrips the rate of inflation. You're probably thinking, "With the costs of school supplies, dance class, new baseball cleats, cell phones, and music players, how can I possibly save for their college?"

Fortunately, the State of Indiana has the solution for you! And what's better is that it will not only help send your loved ones to college, but reward you for saving at the same time! Join thousands of others with a most timely New Years resolution for 2008 by opening an Indiana CollegeChoice 529 Investment Plan account and contributing to it every month!

The CollegeChoice 529 Investment Plan is an education investment vehicle that combines attractive tax benefits while offering flexible investment options. The earnings on a CollegeChoice Plan are exempt from federal and state income taxes when used for qualified expenses. And now Hoosiers have an extra incentive to begin preparing for their children's futures.

Beginning January 1, 2008, Hoosiers who contribute to a CollegeChoice 529 Investment account are eligible to receive a 20% state tax credit of up to $1000. That's an immediate 20% direct return on your investment! But it gets even better! Any Hoosier who contributes to a CollegeChoice account is eligible for the tax credit. So, instead of Grandma and Grandpa adding to the collective pile of toys when this year's birthdays arrive, encourage them to contribute to your children's CollegeChoice accounts and they too, will receive the 20% tax credit.

In addition to receiving the best tax advantages in the nation, Hoosiers also receive a number of other benefits as well. For instance, Hoosiers are not charged a state authority fee that out-of-state participants must pay. Sales charges are waived for those who enroll in the age-based investment option without the use of a financial advisor, and if you set your account up for systematic investments, the account maintenance fees will be waived as well.

It is estimated that the cost to send a newborn to a public university could be as high as $170,000. Private institutions may cost as high as $350,000, so don't delay in beginning to save. Even if you can't put all of the money away, you can help your child leave school with far less debt on graduation day than those who must borrow all of their college tuition and fees. College can be within reach if you begin to invest that money today, through an Indiana CollegeChoice 529 Investment account.

The future is coming fast, so start saving for your child's future now. Start 2008 with a meaningful New Year's resolution and improve your own financial practices. Open a CollegeChoice 529 Investment account today!

For more information on the CollegeChoice 529 Investment Plan, go to www.collegechoiceplan.com today.

Treasurer Mourdock is the Chair of the Indiana Education Savings Authority Board, which governs Indiana's CollegeChoice 529 Investment Plan. For more information about the CollegeChoice Plan, visit the Web site at collegechoiceplan.com or call toll free (866) 400-PLAN (7526).
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