Just like any long-term investment, it’s important to keep track of your 529 plan and reassess your goals and investment strategy from time to time.
Here are a few simple tips to help you monitor your plan:
- Mark your calendar. Make sure to check your account periodically to review its performance and see if it’s aligning with your goals.
- Consider your contribution amount. Ask yourself if your contribution is still right for you. Could you be contributing more each month? Even a few dollars extra may have a real impact over time. The more you can save, the better!
- Check for updates. Both the Maryland Prepaid College Trust and the Maryland College Investment Plan have unique options that may change over time. Since you can use both plans, you might want to add one later.
- Talk to an expert. Visit us or call to review your account.
- Stay informed. Sign up for a Webinar to stay current on information about our plans.
- Talk to your financial advisor. Your advisor may have suggestions.
Automatic Monthly Contributions
Contributing regularly is a great way to help build your savings over time. And, reevaluating how much you’re saving monthly, and increasing that amount if you’re able, may have a strong impact on the total amount you have available when it’s time for your child to go to college.
You don’t have to go it alone. They say it takes a village to raise a child. Well, the same can be said about sending your child to college. Let us help get your village started. With the Maryland College Investment Plan you have the added benefit of enrolling in the GoTuitionSM gifting portal. It’s a convenient way for friends and family to give online. Enroll today and make saving enough for college a real possibility.
Saving versus Borrowing for College – Borrowing can Double the Cost of College
It’s no secret that the cost of college has been increasing over time. Many families are relying on financial aid to pay for the cost of college, but it’s not until it’s time to attend college that they are realizing that most financial aid comes in the form of student loans which must be repaid, with interest.
The chart below shows just how much more college can cost when families borrow, rather than save in a 529, to pay for college.
Taking Advantage of Maryland State Tax Benefits – Maximize your Income Deduction
You probably know that the College Savings Plans of Maryland are the only 529 plans that offer Maryland taxpayers an income deduction for contributions. But what you may not know is how to help maximize your income tax deduction potential by opening more than one account or using both Plans rather than just one to save for college. Review our Tax Maximizer Infographic to see how you could maximize your Maryland income deduction and potentially have more to save towards college.