“Will $25 help?” you ask yourself when making your first contribution an Ohio 529 account for your child’s education after high school. “Will it really help?”
The answer is yes, definitely yes.
A study from Center for Social Development (CSD) at the Brown School at Washington University in St. Louis show that when a child or grandchild knows that savings set aside for them, they are six times more likely to attend college than those with no account. And it’s not a huge dollar amount – it’s less than $500.
Let’s read that again. Your child is six times more likely to go to college when they know that there is less than $500 saved for their higher education. By saving for their college and career training in a tax-free Ohio 529 account, you show your belief in your children and their plans for college and career training. Your savings show that college is possible for them and your expectation that they will be earning a higher education.
It won’t take much time or much money to reach $500. Saving $25 each month for a year will contribute $300 to an Ohio 529 account. Saving $25 each month for two years will total $600, more than the $500 amount that can inspire your child to attain their higher education
And that original $500 in 529 savings can grow even more. 529s don’t grow only due to contributions, but also with interest earned on the investment options within the account. Then there is the superpower of compound interest, which is interest earned not only on the initial contribution but also on every additional contribution, all the earnings from your 529 investment options, and the already accumulated interest. Compound interest can help your account grow even faster. And every dollar earned is yours to spend on your child’s education after high school.
By saving in an Ohio 529 account, you open so many education options for your children. Ohio 529 can be used at four-year colleges or universities, two-year community colleges, trade or vocational schools, apprenticeships approved by the U.S. Labor Department, and certificate or credential programs nationwide that accepts federal financial aid.
And you can start an Ohio 529 account in minutes on the ReadySave 529 app or at CollegeAdvantage.com.
Since 1989, Ohio 529 CollegeAdvantage has been helping families nationwide save for their children and grandchildren’s education after high school, while enjoying the advantages of tax-free earning, tax-free withdrawals, and a state income tax deduction for Ohio residents. Learn, plan, and start for as little as $25 today at CollegeAdvantage.
