10 Things Every West Virginia Family Should Know About College Savings

There are 10 things about college and saving for college that every West Virginia 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 West Virginia 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 West Virginia.

10 Things for West Virginia 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. $233K 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 other 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 and school supplies, room and board, and even student loan debt.

5. West Virginia offers 2 direct-sold 529 college savings plans: Smart529 Select and Smart529 WV Direct College Savings Plan.

6. Consumers can directly enroll online in either West Virginia 529 savings plan.

7. Out-of-state enrollments are permitted only for the Smart529 Select Plan. The Smart529 WV Direct College Savings Plan is only for residents of West Virginia.

8. $400,000 is the plan’s maximum contribution limit. Contributions may be made until the balance of all West Virginia 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. $0 is needed to open a Smart529 WV Direct College Savings Plan. It’s free to open this 529 college savings plan. There is a $25 minimum contribution requirement for residents enrolling in the Smart529 Select plan. ($250 is the minimum requirement for non-residents.)

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 West Virginia 529 plan basics, or checking out smart529.com.

West Virginia 529 plan accounts are eligible to be linked to the free Upromise Rewards program. Across the country, Upromise has helped families more than $1 Billion for college. Join free and earn cash rebates and other free cash rewards to save money for college and your child’s 529 plan. 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.

Related Articles:

• How to Select a 529 College Savings Plan
• Kentucky 529 Plan Basics
• The Best Ways to Cut Costs and Save Money on College
• North Dakota 529 Plan Basics
• Free Online Learning Resources to Save Money
• Georgia 529 Plan Basics
• Maryland 529 Plan Basics
• Arizona 529 Plan Basics
• Pay Off Student Loans with Upromise
• 10 Things Every Pennsylvania Family Should Know About College Savings
• Celebrational National 529 Day on 5-29
• Rhode Island 529 Plan Basics

Check out these College Savings: 529 Plan Basics by State