Saving for College
College Savings plans make it possible for families to save now for college costs. You can enroll any time and add to your account at any time. There are no special eligibility requirements to take advantage of 529 plans, and there are no income limits for participation. If you are an adult U.S. resident who wants to help fund a private college education for children, grandchildren or any loved one, you are eligible.
There are numerous programs available for college savings. Two that would apply to Nebraska and/or Doane are the Nebraska College Savings Plan and the Independent 529 plan.
- The Nebraska College Savings Plan allows you to put dollars into various investments of your choice to grow tax free for use at any college or university in the nation. And this plan is the only plan that allows you to deduct up to $5,000 of your contribution on your Nebraska tax return (if you're a Nebraska resident). For more information, go to www.planforcollegenow.com
The Independent 529 plan is a plan composed of more than 270 private colleges across the nation. This plan allows you to "buy" all or a portion of a semester at Doane (or other participating schools) at today's tuition rate. For more information, go to
www.independent529plan.org.