Writing blogs every week is hard work. Therefore, I love a nice series. Even better when it coincides with a season. August being back-to-school month seemed like a good time to share some college planning info from Michael Van Boening at College Invest.
First up, FREE MONEY! Did you know you may be able to get matching funds if you contribute to a Colorado 529 plan?
Here is how it works. For babies born or adopted in Colorado on or after January 1, 2020 are eligible for $100 contributed to their CollegeInvest 529 account. Here is the link to apply: http://www.collegeinvest.org/first-step/
And, folks, that’s not all! After you start your 529, you can get further matching contributions up to $500/year for the next 5 years. In other words, if you put in $500 in 2023, you’ll get $500 matched. Amazing!
Of course, there is always fine print. In order to participate, you must open the account by December 31, 2023. So don’t delay!
Now that I have your attention, stay tuned next week for Pros and Cons of using 529 accounts.