If you live in California and are getting ready to start saving for college, there are lots of college plans offered in the state. California’s 529 college plans are some of the best that you can choose from. They come with many advantages for California residents, but these college plans can also be used for out of state school expenses or private school expenses. They can be a good option for out of state investors, as well as in state investors.
The California college plans are known as Scholarshare, and they come with many tax advantages. These 529 accounts grow tax free as long as you invest in them, and your contributions are also tax deductible from your California state taxes. One of the best things about the Scholarshare college plans is that they don’t have any maintenance fees. The fees for many other state plans and private plans can really cut into your compounding interest over the savings years!
Scholarshare college plans give you flexibility with investing. You get a couple of different age-based options. These options start out more aggressive early on and end up more conservative as you get closer to the college years. You can also use college plans that invest in a certain mix of securities or mutual funds. Check out the Scholarshare website to learn about the performance of these different available plans over the past few years.
These California college plans can be used for any college in California, or out of state. Out of state residents can also invest in these California college plans; making it a good option for someone who would otherwise be without.
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