College costs are on the rise making an out-of-state education a stretch for many families. That financial hurdle can be difficult, especially when your student has dreamed of attending their favorite school for as long as you can remember.
For Jim Vranicar, a resident of Kansas, investing in a 529 Plan made the dream of attending the University of Nebraska a reality for his son. His decision to set up a recurring contribution helped him make steady progress towards his goal. Read Jim’s story and find out more about using your Kansas 529 funds anywhere your student may decide to attend.
When did you start saving?
My wife, Amy, and I started saving for our son’s college education when he was about 3 years old. At first, we simply put away $50 a month in a mutual fund. When 529 Plans became available, we rolled over everything and contributed the same amount.
When the economy crashed in 2008 and 2009, it actually turned out to be a blessing in disguise because we took advantage of the low market and invested more. We ended up raising our contribution to $200 a month and built a solid nest egg.
What do you like best about the plan?
The smart investment track of the portfolio – how it invests more aggressively when your child is younger, then becomes more conservative as your child grows.
How did it make a difference?
Our son is now a freshman at the University of Nebraska. We were only able to afford an out-of-state school because of our 529 Plan. Our family is living proof that paying for a college education can become a reality if you just commit to investing a little bit each month over a span of years.
Find your inspiration to save with #WhyI529 Spotlights.