Attending college is very important to my family. My father graduated from the University of Cincinnati. I graduated from Xavier University, and my son graduated from The Ohio State University.
When I learned that I was going to be a grandfather, I wanted to start saving for my grandchildren’s college education. A friend mentioned that he was saving for his family's college expenses using Ohio’s 529 CollegeAdvantage Saving plan. After researching the Ohio 529 plan and realizing what an excellent program it was, I opened an account for my first granddaughter two months after she was born in 2011. I have made regular contributions (currently using monthly automatic deposits) and already have significant funds awaiting her when she starts college. I opened accounts for my grandson and second granddaughter right after they were born and am well on my way to helping pay for their college expenses as well.
Ohio 529 offers an easy way to save for a college education. Opening an account was a breeze, and there are a number of ways to make contributions. I started with smaller amounts and increased the contributions as my budget allowed.
I also really like the fact that the money in the account can be used not just to pay for tuition, but for many of the other expenses the student has at school. And if one of my family’s grandchildren decides not to go to college, there are provisions to transfer the funds to another member of the family. Unused savings could even be rolled over to a Roth IRA once plan requirements are met. Finally, I can deduct contributions for each beneficiary from the income reported yearly on my Ohio State tax return (limits do apply).
I consider the Ohio 529 CollegeAdvantage Saving Plan to be a winner, and it is a fantastic way to save for my grandchildren's college education.
Mike Niehaus
Cincinnati
Disclaimer: Mike Niehaus was the grand prize winner of the 2024 FC Cincinnati College Savings Goal sweepstakes.
