{"id":253334,"date":"2024-06-07T02:28:04","date_gmt":"2024-06-07T02:28:04","guid":{"rendered":"https:\/\/www.collegeinvest.org\/?page_id=253334"},"modified":"2026-01-06T08:25:27","modified_gmt":"2026-01-06T08:25:27","slug":"grandparents","status":"publish","type":"page","link":"https:\/\/www.collegeinvest.org\/529-savings-plans\/grandparents\/","title":{"rendered":"Grandparents"},"content":{"rendered":"

[et_pb_section fb_built=”1″ admin_label=”Banner Section” module_class=”hero-section page-home” _builder_version=”4.16″ 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 column_structure=”1_2,1_2″ _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”bottom” global_colors_info=”{}”][et_pb_text admin_label=”Hero Content” module_class=”headline h1-dark” _builder_version=”4.17.3″ _module_preset=”default” text_font_size=”18px” header_font_size=”60px” animation_direction=”bottom” global_colors_info=”{}”]<\/p>\n

529 Plans for Grandparents<\/h1>\n

[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”right” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2024\/06\/grand_3.png” alt=”child” title_text=”grand_3″ align=”right” _builder_version=”4.17.3″ _module_preset=”default” background_enable_image=”off” animation_direction=”right” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Help Your Grand” module_class=”headline-center mission-and-vision page-grand” _builder_version=”4.17.3″ _module_preset=”default” 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 _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_text _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Help your grandchildren build a bright future with a 529 College Savings Plan.<\/h2>\n

As a grandparent you\u2019re always there for your grandchildren. Don\u2019t let college be an exception. There\u2019s no better way to invest in your grandchild\u2019s higher education goals than by opening a CollegeInvest 529 Savings Account or contributing to their existing 529 Savings Account.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ module_class=”two-button” _builder_version=”4.17.3″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”left” global_colors_info=”{}”][et_pb_button button_url=”\/enroll-529-savings-plan\/” button_text=”open an account” module_class=”button white btn-left” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”right” global_colors_info=”{}”][et_pb_button button_url=”#give-the-gift” button_text=”gift to existing 529 account” admin_label=”Anchors Button” module_class=”button white btn-anchor-link btn-right” _builder_version=”4.17.3″ _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=”Flexible Promo Image Left” module_class=”page-grand flexible-promo-image-left” _builder_version=”4.17.3″ _module_preset=”default” 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 column_structure=”1_2,1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”left” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2024\/06\/grand_4.png” alt=”child” title_text=”grand_4″ _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”right” global_colors_info=”{}”][et_pb_text module_class=”h2-dark” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Saving for your grandchild\u2019s education<\/h2>\n

A 529 Savings Plan is a tax-advantaged investment account specifically designed to save for future education expenses. Savings can be used at eligible colleges, trade schools and even apprenticeships nationwide. They can cover expenses like tuition, room and board, laptops and more.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”\/what-is-a-529-plan\/” button_text=”Learn more about 529 savings plans” admin_label=”Button Blue” module_class=”button blue” _builder_version=”4.17.3″ _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=”Flexible Promo Section” module_class=”page-grand flexible-promo-image-right” _builder_version=”4.17.3″ _module_preset=”default” 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 column_structure=”1_2,1_2″ _builder_version=”4.16″ _module_preset=”default” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”left” global_colors_info=”{}”][et_pb_text admin_label=”Flexible Promo Content” module_class=”h2-dark” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

529 tax benefits for grandparents<\/h2>\n

Contributions to a 529 Savings Plan grow federal and state tax-free as long as the funds are used for specific expenses. Plus, for Colorado taxpayers, contributions to any CollegeInvest savings account are eligible for a deduction from your Colorado state income tax return1<\/sup>. As a 529 Account Owner, you\u2019ll have control over the account, including how the funds are invested and when they are used, and you\u2019ll even have the option to change the Beneficiary at any time.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”\/529-savings-plan-benefits\/” button_text=”explore the benefits of 529 savings plans” admin_label=”Button Blue” module_class=”button blue” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”right” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2024\/06\/grand_2.png” alt=”grandparents and grandchildren” title_text=”grand_2″ _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Step To Get Started” module_class=”step-to-get-started page-grand” _builder_version=”4.17.3″ da_disable_devices=”off|off|off” locked=”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=”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” module_class=”headline” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Opening your grandchild\u2019s 529 plan<\/h2>\n

Setting up a 529 Savings Account for your grandchild is a straightforward process. Here\u2019s how to get started:<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_4,1_4,1_4,1_4″ module_class=”list-plans” _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”bottom” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”1_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Content” module_class=”content-stgs” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

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Select a plan<\/h3>\n

CollegeInvest has one of the broadest choices of savings plans in the country. Choose from our four plans.[\/et_pb_text][et_pb_button button_url=”\/529-savings-plans\/” button_text=”Choose a plan” admin_label=”Button Underline” module_class=”button-underline” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Content” module_class=”content-stgs” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

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Enroll<\/h3>\n

It takes just 10 minutes to enroll in the plan of your choosing. We\u2019ll provide you with a list of information you\u2019ll need to complete the process.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”\/enrollment-checklist” button_text=”Review the checklist” admin_label=”Button Underline” module_class=”button-underline” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Content” module_class=”content-stgs” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

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Make contributions<\/h3>\n

Begin making contributions to the account regularly. Remember, even small contributions can add up over time.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”\/enroll-529-savings-plan\/” button_text=”Enroll now” disabled_on=”on|on|on” admin_label=”Button Underline” module_class=”button-underline” _builder_version=”4.16″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Content” module_class=”content-stgs” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

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Share the gift<\/h3>\n

Ugift\u00ae makes it easy for family and friends to contribute to your grandchild\u2019s 529 fund. Plus, contributions may be deductible for Colorado taxpayers2<\/sup>.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”\/friends-family-gifting\/” button_text=”learn about gifting” admin_label=”Button Underline” module_class=”button-underline” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row module_class=”button-wrapper” _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=”\/enroll-529-savings-plan\/” button_text=”Get Started” admin_label=”Button Blue” module_class=”button blue button-get-started” _builder_version=”4.17.3″ _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=”Giving the gift” module_id=”give-the-gift” module_class=”flexible-promo-vertical-image h2-light p-big-light page-home page-grand” _builder_version=”4.17.3″ background_image=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2021\/09\/Background-Forms.png” da_disable_devices=”off|off|off” locked=”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 column_structure=”1_2,1_2″ _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=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.collegeinvest.org\/wp-content\/uploads\/2024\/06\/grand_1-e1715936135519.png” alt=”child” title_text=”grand_1-e1715936135519″ _builder_version=”4.17.3″ _module_preset=”default” animation_direction=”bottom” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”Content” module_class=”content-fpvi” _builder_version=”4.17.3″ _module_preset=”default” animation_direction=”bottom” global_colors_info=”{}”]<\/p>\n

Giving the gift of college savings<\/h2>\n

As a grandparent, investing in your grandchild\u2019s future through a 529 Savings Plan is one of the most meaningful gifts you can give. It not only provides financial support for their education but also demonstrates an ongoing commitment to their success. If your grandchild already has a CollegeInvest 529 Savings Account, you can still make contributions through Ugift\u00ae<\/a>!<\/p>\n

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Frequently asked questions about 529 contributions for grandparents<\/h2>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Swipe to see more” module_class=”skip-check-list-row black” _builder_version=”4.16″ _module_preset=”default” animation_style=”slide” animation_direction=”bottom” locked=”off” 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 column_structure=”1_3,1_3,1_3″ admin_label=”Tab Anchors” module_class=”tab-anchors ” _builder_version=”4.17.3″ 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=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_button button_text=”529 accounts” admin_label=”Category” _builder_version=”4.17.3″ _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_button button_text=”using your savings” admin_label=”Category” _builder_version=”4.17.3″ _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_button button_text=”gifting” admin_label=”Category” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][cumo_line_item _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][\/cumo_line_item][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”529 accounts” module_id=”voluntary-benefit” module_class=”tab-content-description” _builder_version=”4.17.3″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” saved_tabs=”all” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][cumo_faq_item question=”How do I open a College Savings account for my grandchild?” icon=”<\/i>” admin_label=”How do I open a College Savings account for my grandchild?” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Grandparents can open a CollegeInvest 529 Savings Account in their own name, naming the grandchild as the beneficiary.<\/p>\n

[\/cumo_faq_item][cumo_faq_item question=”Can parents or grandparents open separate college savings accounts for the same child?” icon=”<\/i>” admin_label=”Can parents or grandparents open separate college savings accounts for the same child?” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Yes! In fact, this is quite common. There are no restrictions on the number of accounts for a specific Beneficiary.<\/p>\n

[\/cumo_faq_item][cumo_faq_item question=”Can I change my Beneficiary?” icon=”<\/i>” admin_label=”Can I change my Beneficiary?” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

A Beneficiary is the person of your choosing who is entitled (by the Account Owner) to the benefits of the savings. You can change your Beneficiary at any time. Just log in to your account and complete the required form or contact your Plan Manager directly.<\/p>\n

[\/cumo_faq_item][cumo_faq_item question=”Can I transfer my child\u2019s 529 Savings Account to a grandchild?” icon=”<\/i>” admin_label=”Can I transfer my child\u2019s 529 Savings Account to a grandchild?” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

It is possible to transfer a child’s 529 Savings Account to a grandchild under certain circumstances. Generally, the account owner, who is often the parent, has the authority to change the beneficiary of the 529 Savings Account to another eligible family member, including a grandchild. However, it’s essential to review the specific rules and procedures outlined by the 529 Savings Account provider to ensure a smooth transfer process. Additionally, tax implications and potential penalties may apply, so it’s advisable to consult with a financial advisor or tax professional before initiating any transfers.<\/p>\n

[\/cumo_faq_item][cumo_faq_item question=”Can grandparents apply for the First Step program?” icon=”<\/i>” admin_label=”Can grandparents apply for the First Step program?” _builder_version=”4.17.3″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

Grandparents (and other family members or friends) are now able to claim the $121 First Step gift contribution for children born or adopted in the State of Colorado from 2020 on. You must have a CollegeInvest account with the child named as the beneficiary, or you can open a new CollegeInvest account. Limit one First Step enrollment per child.<\/p>\n

However, the $1,500 matching incentive is only available to the child\u2019s Parent or legal Guardian that opens an account and enrolls in First Step. The incentive was created to encourage new Parents or legal Guardians to begin a regular pattern of saving for the child\u2019s higher education goals.\n<\/p>\n

[\/cumo_faq_item][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”USING YOUR SAVINGS” module_id=”webinars-educational-events” module_class=”tab-content-description” _builder_version=”4.17.3″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”][cumo_faq_item question=”What are the eligible expenses covered by a 529 Savings Plan?” icon=”<\/i>” admin_label=”What are the eligible expenses covered by a 529 Savings Plan?” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

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[\/cumo_faq_item][cumo_faq_item question=”What schools are eligible for savings plans?” icon=”<\/i>” admin_label=”What schools are eligible for savings plans?” _builder_version=”4.17.3″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

You may use your funds at postsecondary educational institutions, across the country or even internationally, as long as they participate in a student aid program administered by the U.S. Department of Education, including:<\/p>\n