COLLEGE SAVINGS 101

Savingforcollege.com

How to save for college in the Sweet Sixteen states
http://www.savingforcollege.com/articles/how-to-save-for-college-in-the-sweet-sixteen-states-743

Posted: 2015-03-26

by Kathryn Flynn

It’s March Madness time! In honor of tonight’s first round of games between the Sweet 16 bracket, we’ve put together a slideshow highlighting the teams by state. Click through to find out how just much tuition costs at your favorite team’s school. The prices may seem out of reach, and we realize not everyone will get a full ride on a basketball scholarship, so we also listed the 529 college savings plans offered by each state.

Don’t worry if the state you live in isn’t home to any winning college basketball teams this year. You can open a 529 plan from almost any state no matter where you live or where your child decides to attend college. Just check your home state’s plan first to see if they offer any state tax benefits for residents.

Start Slide Show

(c) Can Stock Photo

1. ARIZONA

University of Arizona - Wildcats

  • One-year cost of tuition:
    • $10,581 resident
    • $28,379 non-resident

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
Arizona is one of the six states that offer a tax deduction for residents when they make contributions to in-state or out-of-state 529 plans.

Photo credit

2. CALIFORNIA

University of California, Los Angeles - Bruins

  • One-year cost of tuition:
    • $12,702 resident
    • $35,580 non-resident

College savings options:
Direct-sold plan

Fun state fact:
ScholarShare, California’s 529 college savings plan, is running a March Madness sweepstakes on their facebook page until April 6, 2015. California parents, guardians or family members can enter to win one of five pairs of Lillybee U flats and shoe clips, and one grand prize $1,000 scholarship ScholarShare 529 account.

Photo credit

3. INDIANA

University of Notre Dame – Fighting Irish

  • One-year cost of tuition: $46,237

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
The Promise Indiana initiative is a community-driven program designed to promote college savings for young children. Parents are encouraged to open a 529 plan when they register their child for elementary school at back-to-school nights.

Photo credit

4. KANSAS

Wichita State University - Shockers

  • One-year cost of tuition:
    • $7,267 resident
    • $16,697 non-resident

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
Last month, the House passed bill H.R. 529, which was introduced by Kansas Rep Lynn Jenkins to expand the benefits of 529 college savings plans. If passed, the legislation would allow students to use 529 savings to pay for computers, software and Internet service without incurring taxes or penalty. Under current law, these purchases are considered non-qualified unless the school specifically requires them for course enrollment.

Photo credit

5. KENTUCKY

University of Kentucky - Wildcats

  • One-year cost of tuition:
    • $10,616 resident
    • $22,888 non-resident

University of Louisville - Cardinals

  • One-year cost of tuition:
    • $10,432 resident
    • $24,320 non-resident

College savings options:
Direct-sold plan

Fun state fact:
The investment-style 529 college savings plans we know and love were started in Kentucky in 1990.

Photo credit

6. MICHIGAN

Michigan State University - Spartans

  • One-year cost of tuition:
    • $13,200 resident
    • $34,980 non-resident

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
The Michigan Education Savings Program sponsors a contest with elementary schools to encourage reading. Students who participate have the chance to win tickets to a Detroit Red Wings hockey game, and the school with the most entries will win a chance to have Red Wind forward Justin Abdelkader read to their class.

Photo credit

7. NORTH CAROLINA

Duke University

  • One year cost of tuition: $47,488

University of North Carolina Chapel Hill - Tar Heels

  • One year cost of tuition:
    • $8,374 resident
    • $33,624 non-resident

North Carolina State University Raleigh - Wolfpack

  • One year cost of tuition:
    • $8,296 resident
    • $23,551 non-resident

College savings options:
Direct-sold plan

Fun state fact:
A bill was recently introduced to the General Assembly of North Carolina that would award high school students with a GPA of 3.5 or higher two free years of at a North Carolina community college. If passed, the High Achieving Tuition Scholarship Program would also require that recipients who maintain a 3.0 or better GPA and who get accepted into a North Carolina University school must be admitted to that school once they finish community college.

Photo credit

8. OHIO

Xavier University - Musketeers

  • One-year cost of tuition: $33,000

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
Legislation is currently being considered in Ohio that would increase the state tax benefit for contributions to 529 college savings plans. Currently, the maximum tax deduction amount is $2,000, but if the legislation passes Ohio residents will be able to deduct up to $10,000 per year per beneficiary. Although there is a limit on the tax deduction, there is no annual limit on contributions.

Photo credit

9. OKLAHOMA

University of Oklahoma - Sooners

  • One-year cost of tuition:
    • $7,695 resident
    • $20,469 non-resident

College savings options:
Direct-sold plan

Advisor-sold plan

Fun state fact:
Each year, the Oklahoma College Savings Plan runs a 10,000 Reasons to Save sweepstakes, awarding one elementary school child and the school $10,529. This year, winner fourth grader Olivia Fenimore received the funds in an OCSP account and her school, Mustang Elementary will use the award toward technology and fine arts updates.

Photo credit

10. UTAH

University of Utah - Utes

  • One-year cost of tuition:
    • $7,935 resident
    • $25,267 non-resident

College savings options:
Direct-sold plan

Fun state fact:
Savingforcollege.com ranked Utah’s Educational Savings Plan (UESP) as the top performing 529 college savings plan for the ten-year period ending 12/31/14.

Photo credit

11. WASHINGTON

Gonzaga University - Bulldogs

  • One-year cost of tuition: $36,535

College savings options:
Direct-sold plan

Fun state fact:
Washington’s GET college savings plan offers resources for K-12 schools to educate parents and students on the importance of saving for college tuition, including articles, presentations and brochures. GET representatives will even attend events at the school such as PTA/PTO meetings and parent nights.

Photo credit

12. WEST VIRGINIA

West Virginia University – Mountaineers

  • One-year cost of tuition:
    • $6,960 resident
    • $20,424 non-resident

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
West Virginia residents are eligible to participate in a matching grant program, which provides a dollar for dollar match on contributions to a SMART529 plan up to $500 annually.

Photo credit

13. WISCONSIN

University of Wisconsin - Badgers

  • One-year cost of tuition:
    • $10,410 resident
    • $26,660 non-resident

College savings options:
Direct-sold plan

Advisor-sold plan

Fun state fact:
Each year, the Green Bay Packers and Edvest run the “Big Apple Giveaway” sweepstakes, which awards one lucky student a $10,000 college savings account, a trip for four to Chicago for the Packer’s fourth round 2015 draft pick, four Packers jerseys and four tickets to a Packer’s home game. The contest is officially running now through 4/5/15.

Photo credit

It’s March Madness time! In honor of tonight’s first round of games between the Sweet 16 bracket, we’ve put together a slideshow highlighting the teams by state. Click through to find out how just much tuition costs at your favorite team’s school. The prices may seem out of reach, and we realize not everyone will get a full ride on a basketball scholarship, so we also listed the 529 college savings plans offered by each state.

Don’t worry if the state you live in isn’t home to any winning college basketball teams this year. You can open a 529 plan from almost any state no matter where you live or where your child decides to attend college. Just check your home state’s plan first to see if they offer any state tax benefits for residents.

Start Slide Show

(c) Can Stock Photo

1. ARIZONA

University of Arizona - Wildcats

  • One-year cost of tuition:
    • $10,581 resident
    • $28,379 non-resident

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
Arizona is one of the six states that offer a tax deduction for residents when they make contributions to in-state or out-of-state 529 plans.

Photo credit

2. CALIFORNIA

University of California, Los Angeles - Bruins

  • One-year cost of tuition:
    • $12,702 resident
    • $35,580 non-resident

College savings options:
Direct-sold plan

Fun state fact:
ScholarShare, California’s 529 college savings plan, is running a March Madness sweepstakes on their facebook page until April 6, 2015. California parents, guardians or family members can enter to win one of five pairs of Lillybee U flats and shoe clips, and one grand prize $1,000 scholarship ScholarShare 529 account.

Photo credit

3. INDIANA

University of Notre Dame – Fighting Irish

  • One-year cost of tuition: $46,237

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
The Promise Indiana initiative is a community-driven program designed to promote college savings for young children. Parents are encouraged to open a 529 plan when they register their child for elementary school at back-to-school nights.

Photo credit

4. KANSAS

Wichita State University - Shockers

  • One-year cost of tuition:
    • $7,267 resident
    • $16,697 non-resident

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
Last month, the House passed bill H.R. 529, which was introduced by Kansas Rep Lynn Jenkins to expand the benefits of 529 college savings plans. If passed, the legislation would allow students to use 529 savings to pay for computers, software and Internet service without incurring taxes or penalty. Under current law, these purchases are considered non-qualified unless the school specifically requires them for course enrollment.

Photo credit

5. KENTUCKY

University of Kentucky - Wildcats

  • One-year cost of tuition:
    • $10,616 resident
    • $22,888 non-resident

University of Louisville - Cardinals

  • One-year cost of tuition:
    • $10,432 resident
    • $24,320 non-resident

College savings options:
Direct-sold plan

Fun state fact:
The investment-style 529 college savings plans we know and love were started in Kentucky in 1990.

Photo credit

6. MICHIGAN

Michigan State University - Spartans

  • One-year cost of tuition:
    • $13,200 resident
    • $34,980 non-resident

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
The Michigan Education Savings Program sponsors a contest with elementary schools to encourage reading. Students who participate have the chance to win tickets to a Detroit Red Wings hockey game, and the school with the most entries will win a chance to have Red Wind forward Justin Abdelkader read to their class.

Photo credit

7. NORTH CAROLINA

Duke University

  • One year cost of tuition: $47,488

University of North Carolina Chapel Hill - Tar Heels

  • One year cost of tuition:
    • $8,374 resident
    • $33,624 non-resident

North Carolina State University Raleigh - Wolfpack

  • One year cost of tuition:
    • $8,296 resident
    • $23,551 non-resident

College savings options:
Direct-sold plan

Fun state fact:
A bill was recently introduced to the General Assembly of North Carolina that would award high school students with a GPA of 3.5 or higher two free years of at a North Carolina community college. If passed, the High Achieving Tuition Scholarship Program would also require that recipients who maintain a 3.0 or better GPA and who get accepted into a North Carolina University school must be admitted to that school once they finish community college.

Photo credit

8. OHIO

Xavier University - Musketeers

  • One-year cost of tuition: $33,000

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
Legislation is currently being considered in Ohio that would increase the state tax benefit for contributions to 529 college savings plans. Currently, the maximum tax deduction amount is $2,000, but if the legislation passes Ohio residents will be able to deduct up to $10,000 per year per beneficiary. Although there is a limit on the tax deduction, there is no annual limit on contributions.

Photo credit

9. OKLAHOMA

University of Oklahoma - Sooners

  • One-year cost of tuition:
    • $7,695 resident
    • $20,469 non-resident

College savings options:
Direct-sold plan

Advisor-sold plan

Fun state fact:
Each year, the Oklahoma College Savings Plan runs a 10,000 Reasons to Save sweepstakes, awarding one elementary school child and the school $10,529. This year, winner fourth grader Olivia Fenimore received the funds in an OCSP account and her school, Mustang Elementary will use the award toward technology and fine arts updates.

Photo credit

10. UTAH

University of Utah - Utes

  • One-year cost of tuition:
    • $7,935 resident
    • $25,267 non-resident

College savings options:
Direct-sold plan

Fun state fact:
Savingforcollege.com ranked Utah’s Educational Savings Plan (UESP) as the top performing 529 college savings plan for the ten-year period ending 12/31/14.

Photo credit

11. WASHINGTON

Gonzaga University - Bulldogs

  • One-year cost of tuition: $36,535

College savings options:
Direct-sold plan

Fun state fact:
Washington’s GET college savings plan offers resources for K-12 schools to educate parents and students on the importance of saving for college tuition, including articles, presentations and brochures. GET representatives will even attend events at the school such as PTA/PTO meetings and parent nights.

Photo credit

12. WEST VIRGINIA

West Virginia University – Mountaineers

  • One-year cost of tuition:
    • $6,960 resident
    • $20,424 non-resident

College savings options:
Direct-sold plans

Advisor-sold plan

Fun state fact:
West Virginia residents are eligible to participate in a matching grant program, which provides a dollar for dollar match on contributions to a SMART529 plan up to $500 annually.

Photo credit

13. WISCONSIN

University of Wisconsin - Badgers

  • One-year cost of tuition:
    • $10,410 resident
    • $26,660 non-resident

College savings options:
Direct-sold plan

Advisor-sold plan

Fun state fact:
Each year, the Green Bay Packers and Edvest run the “Big Apple Giveaway” sweepstakes, which awards one lucky student a $10,000 college savings account, a trip for four to Chicago for the Packer’s fourth round 2015 draft pick, four Packers jerseys and four tickets to a Packer’s home game. The contest is officially running now through 4/5/15.

Photo credit

 

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