"...this direct deposit option is another effective tool we have in Colorado to help break down the financial barriers to attaining the education and training for economic sustainability," said Angela Baier, CollegeInvest CEO>
Denver, CO (PRWEB) February 11, 2015
CollegeInvest, Colorado’s state sponsored 529-college savings program, announced the addition of a new direct deposit option on this year’s tax form, allowing Colorado taxpayers to automatically send State income tax refunds to their CollegeInvest savings account.
The Direct Deposit Tax Refund Option will make saving for college even easier for families who have already opened CollegeInvest 529 savings accounts. And, for families who have not previously had the financial resources to start saving, this program creates a great opportunity to open an account with their refund.
“We know that by the year 2020, 74 percent of all jobs in Colorado will require education or training beyond high school,” said CollegeInvest CEO, Angela Baier. “Whether saving for college or a career and technical education program, this direct deposit option is another effective tool we have in Colorado to help break down the financial barriers to attaining the education and training for economic sustainability.”
Funds deposited in CollegeInvest 529 savings accounts are deductible against Colorado State income tax returns, and deposits made through the Tax Refund Direct Deposit program this year will also be deductible against 2015 state taxes. The practice of reinvesting tax refunds for tax-advantaged college savings creates a cycle of savings that, over time, can greatly impact a families’ ability to help pay for college.
Faced with the rising costs of a post secondary education in recent years, an increasing majority of students and their parents have turned to student loans to fill the financial gap, with the middle class accumulating student loan debt in greater numbers than other segments of the population.
Instead of borrowing, CollegeInvest can help families essentially cut the cost of a college education by almost half simply by implementing the principle of earning interest instead of paying interest. Money saved in a CollegeInvest 529 savings plan can be used at any public or private college, university, community college or career and technical education program, anywhere in the country.
CollegeInvest is Colorado’s foremost resource designed specifically to help break down the financial barriers to attaining a higher education or a certificate from a career and technical education program. By providing expert information, easy-to-use planning tools, and an exceptionally diverse menu of tax advantaged college savings plans, CollegeInvest works to help Coloradoans maximize their potential to save for college. CollegeInvest currently represents $6 billion in savings, and more than 330,000 accounts. Money saved in a CollegeInvest 529 savings plan can be used at any public or private college, university, community college or a career and technical education program, anywhere in the country. For more information, visit collegeinvest.org or call 1-800-448-2424, or contact your financial advisor.
To learn about CollegeInvest’s 529 program, its objectives, risks, charges, expenses, limitations, restrictions and qualifications regarding the Plans’ benefits and potential tax advantages, please read and consider carefully the Program Disclosure Statements (PDS) available at http://www.collegeinvest.org before investing. Also, check with your or your beneficiary’s home state to learn if it offers tax or other benefits for investing in its own plan. Administered and issued by CollegeInvest. CollegeInvest and the CollegeInvest logo are registered trademarks of CollegeInvest. Copyright © 2015 CollegeInvest.