Here Are Three BCAs That Actually Help You Save for College, Retirement, and Disability Expenses
ScholarShare 529 – California’s Official College Savings Plan
One of the greatest hurdles families face when contemplating whether to pursue a post-secondary education is the skyrocketing cost of attending college. Costs have grown at an alarming rate. Between 2007-08 and 2017-18, tuition and fees at the University of California, California State University, and California Community Colleges jumped by 77 percent, 88 percent, and 130 percent, respectively.
Nationally. student loan debt is now more than $1.5 trillion. Among the borrowers are 3.7 million Californians, each of whom upon graduation owed $22,785 on average.
Fortunately, ScholarShare 529 is available to help. Administered by the ScholarShare Investment Board chaired by State Treasurer Fiona Ma, ScholarShare 529 since its introduction in 1999 has grown to over 320,000 accounts and nearly $8.8 billion.
What makes ScholarShare 529 a great savings tool is that it offers families a diverse set of investment options, low fees, tax-deferred growth, and withdrawals that are free from state and federal taxes when used for qualifying higher education expenses, such as tuition and fees, books, certain room and board costs, and computer equipment. Plus, savings can be used at any eligible educational institution, including public and private four-year universities, community colleges, career technical schools, graduate programs nationwide, even many colleges abroad.
Getting started is easy. If you have $25, a social security number or federal tax identification number, and are 18 years of age or older, you can open a ScholarShare 529 account. Simply visit http://www.mgp.scholarshare.com/. Or go to For more Info Or Call 909-656-4885 to talk to a Agent. I also have college insurance Health and Short Term and Life and other savings plans.
Now through December 31, 2019, ScholarShare 529 also is offering eligible families who open a new account a dollar-for-dollar match up to $200. An additional $25 match is possible by establishing a monthly automatic contribution of $25 or more.
Note: Each month we will be sharing information on one of our BCAs and explain how the programs behind the acronym are enhancing the lives of Californians all across the state — and how you, your family, or your business can share in, and contribute to, California’s prosperity