Looking for Scholarships?

admin — Tue, 15 Mar 2011 20:40:58 +0000

The college planning process can seem overwhelming and outside of SAT preparation, college applications and campus visits, the financial piece is another layer that can cause stress for busy families. Below are some tips to keep in mind:

Set up a family calendar – many scholarship and other financial aid opportunities are based on a timely response. Use either a paper or an electronic calendar that everyone can access easily.
Access free, reputable online resources such as CollegeBoard and FastWeb that allow applicants to narrow down a search to areas of interest, academic pursuits and affiliations.
Be wary of any scholarship or service that asks you to pay a fee upfront. The whole idea behind giving scholarships is to lessen the economic burden on the family and student.
Spend some time compiling information about the student – it is always easier to remember extracurricular and academic activities when you are not under the pressure of a deadline. Some schools have their students fill out a ‘brag sheet’ listing all of their achievements. A quick Google search brings up different formats that can be adapted for your own use. Keeping a copy of this sheet for teacher recommendations also makes the process easier for the person who is doing the writing.
Connect with guidance counselors – usually they are the best resources for local scholarship opportunities.
Taking a gap year is a good choice for a young person who wants to have some time to look around and decide what field may be of interest. A way to take this time off and get some funding for school is to enroll in a program such as AmeriCorps which offers an educational grant in exchange for a year of service.

Compliance Tracking #710762

Retaining, Attracting & Motivating Employees with a 529 Plan

admin — Tue, 24 Aug 2010 16:07:26 +0000

During this time of economic uncertainly, many companies are finding it necessary to cut back or reduce bonuses and other employee benefits. A low-to-no cost way of providing your employees with a valuable benefit is through the introduction of a 529 college savings plan; employees can easily elect to participate and contribute to the plan through a payroll deduction. The following are some of the characteristics of an Employer Sponsored 529 Plan.

There are no sign-up costs or contracts for the employer or employee;
Employees may be eligible for a federal or state income tax credit for contributions;
There is a low minimum monthly investment dollar amount, usually set at around $50/per month;
There is no federal tax withholding on investment earnings withdrawn for eligible higher-education costs;
No income limit restrictions on which employees can participate;
Beneficiaries are flexible; participants can change who the beneficiary on the account will be at any time – funds can be set aside for a child, grandchild, niece, nephew or even a godchild;
The funds can be used at any accredited higher education institution in the United States.

Prior to investing investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax-free. Tax treatment at the state level may vary.*

A 529 Plan set up by your company is an effective and often seamless way to add to your business’s current employee benefits and is very attractive for small business owners. In addition, if an employee currently has a 529 Plan, it can usually be rolled over into the company’s plan. Oftentimes the firm who is managing your company’s 529 Plan is available to provide additional financial education programming for your employees. Overall, an employer sponsored 529 plan is an excellent way to motivate, attract and retain employees at potentially little or no additional cost to the employer.

*Will vary based on plan. Limitations and restrictions apply to 529 Plans. Please also consult a tax advisor prior to investing.

Source/Disclaimer:

Compliance Tracking # 659775

» college savings

Looking for Scholarships?

Retaining, Attracting & Motivating Employees with a 529 Plan