Saving for college can be a daunting task for any parent trying to obtain a college education for their children. The Idaho 529 college savings plan or the IDeal plan was created to help parents start saving for their children’s future tuition costs. The state plan is backed by the federal government and allows parents to save money while their child is still young. The added benefits of saving early are enormous. This program also allows you to lock in college tuition costs at today’s prices. Much like everything else college tuition costs are supposed to double in the near future. Starting now can be the difference between your child having the money they need for higher education or not going to college at all. Here are some of the major benefits and what is involved with the IDeal 529 college savings plan.
IDeal Benefits and College Savings
The IDeal college savings plan has many different benefits they can help you save money faster. You do not need to have a lot of money to start one of these plans. In most cases it only takes $25 to open an account. You can make small monthly contributions of only $25-$50 a month. Payroll direct deposits are also available in most cases and can be as well as $15 a month.
Idaho IDeal Tax Benefits
There are many tax benefits for the Idaho 529 college savings plan. These benefits can help you save money on your taxes while using that money to help fund your child’s college education. Some of these tax benefits include earnings that grow tax-deferred. Idaho taxpayers can also deduct up to $4000 annually from their state gross income tax contributions. Married couples can deduct up to $8000 annually from their state income tax. These tax benefits can save you thousands of dollars year.
Idaho 529 Plan is Flexible to use
The IDeal college savings plan can be used at any two-year or four-year university. Vocational and technical schools are also included in most cases. Another major advantage is that your 529 college savings plan can be used anywhere in the country. Many state universities around the United States are participating in this federal program. This means that your child can attend any out-of-state college as well.
Financial Help while Investing with the 529 College Plan
You are in total control when it comes to the 529 college savings plan. You make decisions and have full control of who the beneficiary will be. The Vanguard group, a leader in low-cost investing, was picked by the state of Idaho to manage these IDeal college plans. Vanguard offers unlimited customer support and can help you create a portfolio based on your situation. If you have any questions you can contact their customer service at 1.866.433.2533. They are open from 8:00 AM to 8:00 PM Eastern standard Time.
Having a higher education is very important. Today’s job marketplace is very competitive and many business opportunities will depend on the education that your student has. The ideal college savings plan can be a great way for you to get a good head start on saving for your child’s college tuition. This may be the best investment that you ever make.