Let me introduce you to the Virginia College Savings Plan.



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

Receive each post automatically in your E-MAIL by clicking HERE.