Contributions & Gifting
Prepaying even small amounts at a time can deliver significant savings. We make it easy for you or anyone else close to your child to contribute.
Take advantage of automatic contributions
Contributions from your checking or savings account that fit your budget can help make saving for college a regular part of your life. You may contribute as little as $25 a month,1 but remember that the more you prepay now, the greater the percentage of tuition you lock in at today's prices.
A gift that keeps on giving
Remember, too, that anyone in your child's life may contribute to or open a Plan account. Suggest a contribution to your child's Plan account when friends and family inquire about gift ideas for birthdays, holidays or other special occasions. A contribution is a lifelong gift that can pay dividends down the road. Only the account owner has control over contributions made to an account and may make changes, direct redemptions or change the beneficiary.
Private College 529 Plan offers a gift certificate that makes it easy to contribute and lets a child know that you’ve contributed. Instructions are included with the coupon and we send a confirmation to the Account Owner upon receipt of the contribution.
Gift and estate tax advantages
The Plan also provides potential gift and estate tax benefits:
- Parents, grandparents or even friends may contribute up to $14,000 ($28,000 for married couples) per child each year, or up to $70,000 ($140,000 for married couples) prorated over a five-year period to an account, without incurring a federal gift tax
- Contributions to 529 plans are also excluded from an account owner's estate when taxes are assessed, even though the owner retains complete control of the account, making the Plan an attractive option for grandparents2
Q: Already Have a 529 College Savings Plan?
A: You can combine the safety offered by Private College 529 Plan's tuition guarantee with the growth potential offered by a 529 college savings plan. When your child enrolls at a participating school, your Private College 529 Plan account can be used for tuition, and your 529 college savings plan can be used to cover other qualified higher education expenses.