10 Things Every Colorado Family Should Know About College Savings

There are 10 things about college and saving for college that every Colorado family needs to know. This infographic design is a great visual explainer of how college savings works (it’s easier than you think), and what the state of Colorado is doing to help families.

You can click or tap on the visual below to enlarge it, and keep reading below this infographic design too where you’ll fund a written overview of how saving for college works in Colorado.

10 Things for Colorado Families to Know About Saving for College

1. By the end of the decade, 70% of jobs will require college degrees or some form of post-secondary education.

2. $33,000 is the average student debt per borrower for the graduating college class of 2020.

3. $298K is the projected cost of a 4-year college degree at an in-state school in 2035.

4. A 529 plan offers your family a tax-advantaged way to save for college and related higher education expenses. Funds in a 529 plan can go to technical college or vocational school, college or university, trade school, study abroad programs, K-12 private school tuition, text books, computers, school supplies, room and board, or even paying off student loan debt.

5. Colorado offers 3 direct-sold 529 college savings plans: Direct Portfolio Savings Plan, Stable Value Plus College Savings Program, and the Smart Choice College Savings Plan.

6. Colorado offers 1 advisor-sold 529 college savings plan: Scholars Choice Education Savings Plan.

7. Out of state enrollments are allowed for any of Colorado’s 529 college savings plans.

8. $400,000 is the plan’s maximum contribution limit. Contributions may be made until the balance of all Colorado 529 plan(s) for the same one individual reaches $400K. Funds already invested can remain in the plan(s) and continue to gain interest, but no additional funds may be contributed.

9. Colorado offers tax filers generous state tax benefits. Every dollar (100%) you contribute to a Colorado 529 plan can be deducted from your Colorado state income tax return.

10. $18,648 is how much more you’ll save (or earn) for college by putting your savings for college in a 529 plan instead of a regular savings account at the bank.

You can also find more information in this article on Colorado 529 plan basics, or checking out CollegeInvest.org.

Colorado 529 plan accounts are eligible to be linked to the free Upromise Rewards program. Nationwide, Upromise has helped families save over $1 Billion for their children’s college savings. Join Upromise for free and earn cash rebates and other free cash rewards to save for their children’s college education. Additionally, every month 5 Upromise members win a $529 scholarship.

*This assumes a 6% hypothetical rate of return for 529 plans compounded annually and assumes a 0.05% APY or annual interest rate for a savings account. The information in the infographic chart is for illustrative purposes. Funds invested in a 529 plan may see higher or lower rates of return than illustrated in this example.

Check out these College Savings: 529 Plan Basics by State