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3 Big Changes to Your CollegeInvest Plan

February 4th, 2016 |

Recent legislation allows computer expenses, tuition refunds, and more investment flexibility.

As we begin another year, let’s take a closer look at three big changes that were implemented in 2015, making your CollegeInvest savings plan an even smarter way to save. Recent federal legislation passed last year offers new advantages and flexibility to your CollegeInvest account. Here are the highlights of the new perks, and what you need to know to put them to work for your family.

Technology Expenses 
On today’s college campuses, computers, laptops, and tablet devices are no longer considered a luxury; they are as common and necessary as books. And now, as long as the student is the primary user, the cost of computers, peripheral equipment, software and Internet access are all qualified expenses, allowing them to be paid with funds from your CollegeInvest 529 saving account. Previously, these expenses were only allowed if specifically required by the college your student attends.

Tuition Refunds
Let’s face it; even the best-laid plans sometimes get sidetracked. You saved for college, your student is enrolled and ready to go, and an unexpected illness, injury or other emergency forces a change of plan. With new rules applying to tuition refunds, you will now have up to 60 days to redeposit any returned tuition deposits or payments associated with such unforeseen circumstances, without incurring any fees or tax penalties.

Investment Flexibility
We know that individual investment strategies are influenced by many factors, such as market conditions or personal preferences. So we are very pleased with the new allowance that provides changes to the investment option for all or a portion of the assets in your CollegeInvest account for any reason, up to two times during each calendar year. Previously, account owners were limited to only one change per year. We are proud to offer one of the most diverse menus of 529 savings plans* anywhere in the country; now you have more control to make timely choices that suit your needs. https://www.collegeinvest.org/529-savings-plans/

For more information about the legislation read  The PATH ACT of 2015 – Definitions of Computers & Equipment.pdf
Check out our updated FAQ’s

Would you like to know more? We’re here to help. Give us a call at 800.448.2424, or send us an email.

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