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Home > 529 Plan Series: Virginia College Savings Plan

529 Plan Series: Virginia College Savings Plan

May 17th, 2008 at 02:20 am

Let me introduce you to the Virginia College Savings Plan.



This 529 plan is managed by one of my favorite mutual fund companies -

Text is American Funds and Link is http://iwasbroke.savingadvice.com/2008/04/27/the-mutual-fund-series-american-funds_38314/
American Funds.

What I Like About The Virginia College Savings Plan
* CollegeAmerica. This is the partnership between the Virginia College Savings Plan and American Funds. You can read about it in detail
Text is HERE and Link is http://www.americanfunds.com/college/college-america/index.htm
HERE. I really like American Funds' mutual fund offerings.
* Choices. American Funds offers 22 different mutual funds as part of the CollegeAmerica plan. You can also choose to put together a selection of the
Text is 22 different mutual funds and Link is http://www.americanfunds.com/college/college-america/investment-options.htm#all
22 different mutual funds
and take an age-based approach toward your investment.
* Low Initial Investment Requirement. You only need $250 to get started with the CollegeAmerica plan. That makes this available to everyone!
* State Tax Deduction for Virginia Taxpayers. If you are a Virginia resident and contribute to this fund, you are most likely eligible to deduct those contributions from your state taxes! Virginia residents are allowed to deduct up to $2,000 PER ACCOUNT per year with unlimited carryforwards. NICE!

What I Would Like To See Improved
* This is a general improvement that I would like to see with all 529 plans, not just the Virginia College Savings Plan. I would really like to see contributions to ANY state's plan be DEDUCTIBLE from one's own state taxes. I know. I know. I am dreaming again, BUT it would really provide a huge incentive for states to have a great and competitive 529 plan.

Read reviews of other state 529 college savings plans
Text is HERE and Link is http://iwasbroke.savingadvice.com/series-529-plans/
HERE.

Receive each post automatically in your E-MAIL by clicking
Text is HERE and Link is http://www.feedburner.com/fb/a/emailverifySubmit?feedId=1041637&loc=en_US
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