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- Unlike some other saving options that turn over the control of the funds to the student when they reach a certain age, you designate who receives the benefits of your savings, and you can change that designation at any time.<\/li>\n
- You control how much is contributed to your account, when it\u2019s done (weekly, monthly, paydays, birthdays, graduation, Christmas, or other special occasions), and how it\u2019s done (check, automatic transfers, direct deposit, rollovers).<\/span><\/li>\n
- You determine what expenses will be covered by your savings, or not. Maybe all or some of the tuition. Or just books and supplies. The laptop and printer but NOT the sports car or the spring break trip.<\/span><\/li>\n
- You can have the withdrawals go to you to pay expenses, the Beneficiary, or the school.<\/li>\n<\/ul>\n
You can open as many accounts for as many Beneficiaries as you want, with the same flexibility to change the Beneficiary as we mentioned previously.<\/p>\n
You control the investment mix for your account(s), and you can change the mix for any or all of your accounts twice a year. Or roll over the funds into a different plan.<\/p>\n
529 accounts never expire, even if you do. You name the successor to the account, and can change them at any time.<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”FAQ No Background” module_class=”faq-wrapper” _builder_version=”4.16″ background_enable_image=”off” da_disable_devices=”off|off|off” collapsed=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” animation_style=”slide” animation_direction=”bottom” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Headline” module_class=”headline” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Frequently asked questions about managing your account: <\/h2>\n
[\/et_pb_text][cumo_faq_item question=”Can my spouse open an account for our child, or grandchild?” icon=”<\/i>” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Absolutely. There can only be one Account Owner and one Beneficiary per account. But there\u2019s no limit to the number of accounts each of you can open, or the number of Beneficiaries.<\/p>\n
Each of you can open multiple accounts for the same Beneficiary, using the same or different plans for each.<\/p>\n
You can also change Beneficiaries at any time.<\/p>\n
[\/cumo_faq_item][cumo_faq_item question=”Do I have to give my savings to my student to pay for expenses?” icon=”<\/i>” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
You have three options:<\/p>\n
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- You can request that the Plan Manager pay the expenses you choose directly to the school.<\/li>\n
- You can withdraw the funds and pay the expenses directly.<\/li>\n
- You can withdraw the funds and allow your student to pay the expenses.<\/li>\n<\/ul>\n
[\/cumo_faq_item][cumo_faq_item question=”What if my student gets a scholarship?” icon=”<\/i>” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
You have four options:<\/p>\n
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- You can use your funds to cover other eligible expenses, like room and board, books, supplies, computer\/computer equipment, software, or internet access that some scholarships don\u2019t cover.<\/li>\n
- You can change the Beneficiary to another family member, or even yourself.<\/li>\n
- Simply leave the funds in the account for use for other eligible higher education expenses at a later time.<\/li>\n
- Or, you can withdraw funds from your account equal to the scholarship amount without incurring the 10% federal penalty on the earnings portion. The earnings portion of your withdrawals may still be subject to state and federal income taxes. (You should carefully read the Plan\u2019s Plan Disclosure Statement, or consult a tax advisor for your specific situation.)<\/li>\n<\/ul>\n
[\/cumo_faq_item][et_pb_button button_url=”\/faqs” button_text=”browse all faqs” button_alignment=”left” admin_label=”Button Light Blue” module_class=”button light-blue” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”More Benefits” module_class=”benefits-all-section more-benefit” _builder_version=”4.16″ background_image=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2021\/08\/sidebar-remove-line.png” da_disable_devices=”off|off|off” collapsed=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row module_class=”benefits-headline” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” animation_style=”slide” animation_direction=”bottom” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Headline” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
More 529 plan benefits:<\/h2>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ module_class=”slider-more-benefits” _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”bottom” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2021\/09\/Benefit-Check.png” title_text=”Benefit-Check” url=”https:\/\/www.collegeinvest.org\/529-savings-plan-benefits\/529-plan-flexibility\/” admin_label=”icon” module_class=”benefits-icon-check” _builder_version=”4.17.3″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” alt=”Green checkmark icon” sticky_enabled=”0″][\/et_pb_image][et_pb_text admin_label=”Content” module_class=”benefits-col-content h2-light p-big-light” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Flexibility<\/a><\/h2>\n
When we talk with parents and grandparents about saving for college, flexibility is at the top of their concerns. It\u2019s also the most inherent benefit of 529 savings plans.<\/p>\n
[\/et_pb_text][et_pb_button button_url=”\/529-savings-plan-benefits\/529-plan-flexibility\/” button_text=”learn more” admin_label=”Button White” module_class=”button white” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2021\/09\/Benefit-Check.png” title_text=”Benefit-Check” url=”https:\/\/www.collegeinvest.org\/529-savings-plan-benefits\/529-plan-tax-advantages\/” admin_label=”icon” module_class=”benefits-icon-check” _builder_version=”4.17.3″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” alt=”Green checkmark icon” sticky_enabled=”0″][\/et_pb_image][et_pb_text admin_label=”Content” module_class=”benefits-col-content h2-light p-big-light” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Tax Benefits<\/a><\/h2>\n
For Colorado taxpayers, contributions to any CollegeInvest 529 account can be deducted from your Colorado state income tax return. Your earnings grow free of federal and state taxes.<\/p>\n
[\/et_pb_text][et_pb_button button_url=”\/529-savings-plan-benefits\/529-plan-tax-advantages\/” button_text=”learn more” admin_label=”Button White” module_class=”button white” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2021\/09\/Benefit-Check.png” title_text=”Benefit-Check” url=”https:\/\/www.collegeinvest.org\/529-savings-plan-benefits\/affording-529-savings-plans\/” admin_label=”icon” module_class=”benefits-icon-check” _builder_version=”4.17.3″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” alt=”Green checkmark icon” sticky_enabled=”0″][\/et_pb_image][et_pb_text admin_label=”Content” module_class=”benefits-col-content h2-light p-big-light” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Affordability<\/a><\/h2>\n
No, you don\u2019t have to be a millionaire (or related to one) to have a CollegeInvest account. We want accessibility for all parents and grandparents to save for their education goals.<\/p>\n
[\/et_pb_text][et_pb_button button_url=”\/529-savings-plan-benefits\/affording-529-savings-plans\/” button_text=”learn more” admin_label=”Button White” module_class=”button white” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Swipe to see more” module_class=”skip-check-list-row white” _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”bottom” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row module_class=”more-benefits-footer” _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”bottom” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_url=”\/529-savings-plan-benefits\/” button_text=”back to all benefits” admin_label=”Button Deep Cerulean Blue” module_class=”button deep-cerulean btn-large” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][et_pb_text admin_label=”Footnotes” module_class=”foot-notes background” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
Investment returns are not guaranteed, and you could lose money, including principal.<\/p>\n
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- You determine what expenses will be covered by your savings, or not. Maybe all or some of the tuition. Or just books and supplies. The laptop and printer but NOT the sports car or the spring break trip.<\/span><\/li>\n