The 529 College Savings Plan was created to encourage American families to save for higher education.
CollegeAdvantage 529 College Savings Plan
- Similar To A 401k
529 plans usually invest your contribution in mutual fund-based investments.
- Impact On Federal/State Financial Aid
529 funds have low impact on aid and are considered to be an asset of the account owner-only 5.645 of the value of the account is considered to determine the student’s Expected Family Contribution.
- Income Restrictions
Anyone regardless of income can invest in a Ohio 529 plan.
- Ohio Tax Reduction
Ohio taxpayers may qualify for a deduction for contributions to a 529 account.
- Change Your Beneficiary
The account can be transferred anytime to a beneficiary that is eligible.
- Age Limits
The majority of plans allow contributions for a beneficiary of any age.