State treasurer: Never too early to save for college
"I graduated college with a lot of student loans," she said. "This is a real personal passion of mine, is to encourage young people and parents to begin to save for their children to attend college."
On Thursday, Mitchell discussed the Indiana CollegeChoice 529 direct savings plan at the
Mitchell stressed it's never too early or too late to start saving, because while it may seem small now, it all adds up.
Anyone can open or invest in an account -- aunts, uncles, grandparents and parents -- even adults planning to go back to school. It costs
Wanting to dispel a few myths, Mitchell added that the money doesn't have to stay in
The accounts aren't limited to funding a bachelor's, master's or doctoral degree. The funds can also be used for trade or technical schools, graduate programs, or any institution that accepts federal financial aid, Mitchell said.
Features of CollegeChoice 529 plans include: tax-deferred investment growth; tax-free withdrawals for qualified expenses, which can include tuition, room and board, computers and laptops, and books; gift- and estate-tax benefits; control over how assets are used; and flexibility to use the funds at eligible colleges, universities and vocational schools worldwide.
It takes about 10 minutes to enroll online, Mitchell said, at collegechoicedirect.com.
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