My529 is a college savings plan designed to help families invest for education and make higher education more affordable. It aims to save users from borrowing and repaying money with interest later.
Key aspects of my529 include:
Accessibility: My529 is available to everyone, even non-Utah residents, although other states may offer different state tax or other benefits.
Benefits: The program offers tax advantages and is recognized for its low fees.
Accolades: My529 has consistently earned the Morningstar Analyst Rating™ of Gold for 14 consecutive years (for 2024), distinguished by its investment options, state stewardship, and low fees.
Qualified Expenses: Funds can be used for a variety of qualified education expense, including tuition, books, supplies, equipment, room & board, computers, internet, and apprenticeships. Federal legislation (H.R. 1) expanded these uses to include K-12 education and credential programs.
Tools: My529 provides resources such as a College Savings Estimator and a video library to assist with planning and learning. It is important to note that investments in a my529 account could lose value with market conditions and are generally not insured or guaranteed by my529 or state/federal agencies, though Federal Deposit Insurance Corporation (FDIC) insurance may apply to specific investment options. My529 does not provide financial or tax advice, so users should consult their own advisors.