You manage your savings, start to end
An exclusive benefit of a CollegeInvest 529 savings account is the total control that you have as the Account Owner.
You Manage Everything, Start to End
- 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.
- You control how much is contributed to your account, when it’s done (weekly, monthly, paydays, birthdays, graduation, Christmas, or other special occasions), and how it’s done (check, automatic transfers, direct deposit, rollovers).
- 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.
- You can have the withdrawals go to you to pay expenses, the Beneficiary, or the school.
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.
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.
529 accounts never expire, even if you do. You name the successor to the account, and can change them at any time.
Frequently asked questions about managing your account:
Can my spouse open an account for our child, or grandchild?
Absolutely. There can only be one Account Owner and one Beneficiary per account. But there’s no limit to the number of accounts each of you can open, or the number of Beneficiaries.
Each of you can open multiple accounts for the same Beneficiary, using the same or different plans for each.
You can also change Beneficiaries at any time.
Do I have to give my savings to my student to pay for expenses?
You have three options:
- You can request that the Plan Manager pay the expenses you choose directly to the school.
- You can withdraw the funds and pay the expenses directly.
- You can withdraw the funds and allow your student to pay the expenses.
What if my student gets a scholarship?
You have four options:
- 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’t cover.
- You can change the Beneficiary to another family member, or even yourself.
- Simply leave the funds in the account for use for other eligible higher education expenses at a later time.
- 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’s Plan Disclosure Statement, or consult a tax advisor for your specific situation.)
More 529 plan benefits:
Flexibility
When we talk with parents and grandparents about saving for college, flexibility is at the top of their concerns. It’s also the most inherent benefit of 529 savings plans.
Tax Benefits
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.
Affordability
No, you don’t 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.