Give the Gift of College
Instead of giving kids toys and video games, open a 529 college savings plan or student loan savings account for them and contribute to it.
Looking for a baby gift that keeps on giving? Gift of College, an online registry for 529 plans and student loan accounts, lets you contribute to a child's college education with gift cards for 529 college savings plans. Find the cards at Toys “R” Us and Babies “R” Us stores in amounts ranging from $25 to $500, plus a service fee, or buy them online for amounts up to $300.
Parents create a profile with Gift of College and redeem the card by linking it to an existing 529 plan. If the child doesn’t have one, the site prompts parents to start one from a number of state plans available. Use a similar setup to help pay off student loans.
If you’ve got unused or unwanted gift cards from the holidays, swap them on the site for a Gift of College e-card. The exchange accepts cards from more than 200 retailers and restaurants; you keep as much as 85% of the value. For example, you could recently swap a $100 Nordstrom gift card for an $80 Gift of College e-card.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Leaf College Savings also offers gift cards for 529 plans and follows a similar redemption process.
To continue reading this article
please register for free
This is different from signing in to your print subscription
Why am I seeing this? Find out more here
Rivan joined Kiplinger on Leap Day 2016 as a reporter for Kiplinger's Personal Finance magazine. A Michigan native, she graduated from the University of Michigan in 2014 and from there freelanced as a local copy editor and proofreader, and served as a research assistant to a local Detroit journalist. Her work has been featured in the Ann Arbor Observer and Sage Business Researcher. She is currently assistant editor, personal finance at The Washington Post.
-
Earn Delta SkyMiles Worth Up to $1,800 with an AMEX Business Card
Delta SkyMiles and American Express offer 150,000 on business credit card for new cardholders.
By Ellen Kennedy Published
-
Stock Market Today: Markets Soar Amid Strong Earnings for Big Tech
Equities ended the week on an up note thanks to some of the market's biggest names.
By Dan Burrows Published
-
5 Ways to Save Money on Vacation Rental Properties
Travel Use these strategies to pay less for an apartment, condo or house when you travel.
By Cameron Huddleston Published
-
10 Annoying Hotel Fees and How to Avoid Them
Travel Here's how to avoid extra charges and make sure you don't get stuck paying for amenities that you don't use.
By Cameron Huddleston Last updated
-
Are Student Loans Being Forgiven or Not?
Student Loans The House and Senate voted to repeal President Biden’s student loan forgiveness plan, but does it even matter?
By Katelyn Washington Last updated
-
Are Scholarships Tax-Free?
Education Scholarships are generally tax-free if certain IRS and other requirements are met.
By Kelley R. Taylor Published
-
Student Loan Forgiveness Blocked For Now Due to Court Rulings
Biden's student loan debt forgiveness program is on hold until the U.S. Supreme Court weighs in.
By Kelley R. Taylor Published
-
529 Plan Contribution Deadlines
529 Plans Many states have year-end deadlines for making 529 college savings plan contributions.
By Kelley R. Taylor Last updated
-
3 Key Ways You Can Help a Child or Grandchild Pay for College
college Options such as 529 plans, education savings accounts and tax-free gifts can ensure you don’t carry a child’s student loan debt into your golden years.
By Tony Drake, CFP®, Investment Advisor Representative Published
-
Borrowers Over 50 With Student Loan Debt
Paying for College Millions of borrowers 50 and older are struggling to repay loans for themselves and their children, some delaying retirement. There’s a trick, though, to help with repayment.
By Elaine Silvestrini Published