SEVERE WX: Flood Warning View Alerts
CLOSINGS: View Closings

'College Savings Iowa' named Top 5 college plan

Forbes study lists 529 plan one of the best in the country

Posted: Mar. 20, 2018 8:52 PM
Updated: Mar. 20, 2018 8:53 PM

MASON CITY, Iowa - A new study from Forbes found that Iowa has one of the best college savings plans in the country.

According to state treasurer Michael Fitzgerald, 'College Savings Iowa' is one of the best performing 529 plans, and in the top 5 nationally based on 10-year returns.

Bridget Shultz is an academic advisor at NIACC, and has four kids. Her family has saved for over 12 years, and by the time that her oldest went to college, there was enough saved for 2 years' worth of community college, something Shultz was amazed by.

"The knowing that you were prepared and had that money for your kids was absolutely perfect for us, and we were really happy with the return on the plan," Shultz says.

She also describes how the process worked for her, and some advice for those who may be considering it.

"What worked well for me was putting a little bit away each month and not thinking about what I was missing. It came right out of my check, I never even thought about it, you get your statement a few times a year, and you're able to see what you're investing in your child's education," Shultz says.

The study notes that tax breaks are another reason why savings plans are attractive; in Iowa, taxpayers can deduct up to $3,239 in contributions per beneficiary from their adjusted gross income.

In a similar study, the Washington, D.C.-based CollegeSavings Foundation found that 83% of respondents are saving for their child's college education - an all-time high in the 11-year history of the survey.

Article Comments

Mason City
Clear
42° wxIcon
Hi: 46° Lo: 28°
Feels Like: 35°
Albert Lea
Clear
43° wxIcon
Hi: 47° Lo: 28°
Feels Like: 37°
Austin
Clear
43° wxIcon
Hi: 49° Lo: 30°
Feels Like: 37°
Charles City
Clear
45° wxIcon
Hi: 47° Lo: 29°
Feels Like: 38°
Rochester
Clear
37° wxIcon
Hi: 44° Lo: 28°
Feels Like: 28°
Tracking warmer weather by the end of the week!
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

North Iowans helping those dealing with flooding in Nebraska

Image

Hands free driving in Minnesota

Image

CSPAN films in Rochester

Image

Tracking A B-E-A-UTIFUL End to the Winter Season

Image

Riverfront property: What's Next?

Image

Flood risk in Olmsted County

Image

A look back on the historic career of John Marshall's Matthew Hurt

Image

Flooding concerns in Olmsted County

Image

Lawsuit filed: Nonprofit and breeding operation

Image

Hands free driving in Minnesota

Community Events