DENVER, Oct. 27, 2020 /PRNewswire-PRWeb/ -- CollegeInvest announced today that the administrative fees for its Direct Portfolio 529 college savings plan have been reduced by 6 percent, effective November 1, 2020. This is the sixth fee reduction for the Direct Portfolio plan in the last eleven years. Overall, fees for the Direct Portfolio college savings plan have dropped more than 57 percent. The reduction in fees is a tangible benefit to Colorado families, allowing more of their hard-earned savings to apply directly to higher education expenses.
"We know especially during the challenges brought on by the pandemic, Colorado families are saving as much as they can, and more than ever before, every dollar counts. So, we are very pleased to make their higher education savings goals a little easier with another fee reduction," said Angela Baier, CollegeInvest's chief executive officer.
CollegeInvest is Colorado's self-sustaining not-for-profit state agency which receives no taxpayer funding. 100 percent of CollegeInvest's costs are covered by low administrative fees. Working to bring the most effective college savings resources to Colorado families, CollegeInvest negotiates with the agency's financial partners to provide the lowest fees possible, maximizing every dollar saved.
In addition to providing a variety of savings options for higher education, CollegeInvest also provides $1.2 million annually in direct financial support to Colorado's low and middle-income families with a matching grant program and need-based scholarships. Entirely underwritten by CollegeInvest's investment partners, these programs are operated independent of administrative fees charged, and without any tax dollars. This additional support goes directly to the education savings of families who need it the most.
"In these difficult times, we are more determined than ever to partner with Colorado families and maximize their higher education savings dollars," Baier said. "Working together, we are making their higher education goals more affordable."
Based on the principle that saving for higher education is a vastly more effective strategy than borrowing, CollegeInvest is Colorado's trusted resource in breaking down the financial barriers to attaining a postsecondary education, whether through community college, vocational training or a four-year university. Savings can even be used for online learning. For more information, please visit us at https://www.collegeinvest.org/
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About CollegeInvest
CollegeInvest is Colorado's foremost resource designed specifically to help break down the financial barriers to attaining a higher education or vocational training. By providing expert information, easy-to-use planning tools, and an exceptionally diverse menu of tax advantaged college savings plans, CollegeInvest works to help Coloradans maximize their potential to save for college. CollegeInvest currently represents $9.8 billion in savings and 375,000 accounts, the majority of which are held by Colorado residents. Money saved in a CollegeInvest 529 savings plan can be used at any public or private college, university, community college or vocational school, anywhere in the country. For more information, visit https://www.collegeinvest.org/ call 1-800-448-2424, or contact your financial advisor.
Important Considerations
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 © 2020 CollegeInvest.
About Vanguard
"Vanguard is one of the world's largest investment management companies. As of September 30, 2020, Vanguard managed $6.4 trillion in global assets and over $121 billion in college savings assets across 41 college savings plans and 6 prepaid tuition plans in 38 states. The firm, headquartered in Valley Forge, Pennsylvania, offers more than 422 funds to its more than 30 million investors worldwide. For more information, visit vanguard.com."
About Ascensus
Ascensus helps millions of people save for what matters—retirement, education, and healthcare. Through co-branded, private-labeled, and other governmental partnerships, our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. For more information, visit ascensus.com.
SOURCE CollegeInvest
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