All you need is a social security number, address, and your child's name. There will be zero financial questions to get started, and you can get your college savings account set up easily in 5 minutes.
Starting your plan to send your loved one to college without the enormous debt burden shouldn’t be so difficult. With SavvyFi, all you need is some basic information about you, your future grad, and what you want to accomplish. With only that information, you will have a 529 college savings account and investment option tailored to your future grad’s age, and your savings will grow much more quickly when friends and family contribute through SavvyFi’s gifting tool.
A 529 plan allows your savings to grow tax-free if the funds are used for “qualified expenses” at “eligible higher education institutions.” That just means you’ll get a little boost on your investment earnings that wouldn’t be available otherwise.
Eligible institutions include four-year universities, community colleges, and trade schools. Qualified expenses typically cover most costs associated with attending school.
Your savings will be invested in a Vanguard age-based option through my529’s 529 program. Vanguard’s age-based option starts out with higher growth potential when your future grad is younger and automatically reduces risk as your child approaches college age.
We would never argue against comparing 529 options, particularly if your home state offers state tax incentives for 529 contributions. However, time saved by not having to learn about the many confusing investment options available in other 529 plans available to you will allow you to get started right now, so your future grad’s savings, and your gifts from friends and family, will have more time to grow.
At a monthly cost of $2.50 for every $10,000 in total savings, SavvyFi is less than half the cost of the average advisor-sold 529 plan.
We think that’s pretty reasonable, especially considering the opportunity to
reach your savings goals much more effectively with SavvyFi’s
innovative planning and gifting tools.
Note: As is typical of all 529 plans and investment funds, the underlying investments in SavvyFi’s Investment Plan have additional indirect costs. Up to $1.43 a month for every $10,000 in total savings will be indirectly withdrawn by the underlying 529 administrator.
If you decide SavvyFi is not right for you and your future grad, we understand. But we still want you to succeed. We’ll help you access your account and savings directly through my529.
If your child does not attend college, there are many options for what you can do with your college savings. You can transfer your 529 account to another family member, use the funds for your own education, or withdraw the funds with a 10% penalty and give your child a head start on other important financial goals.