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3 Best 529 College Savings Plans

Posted on | June 4, 2009 |

If you have kids, chance are pretty high you’ve heard of 529 college saving plans. Maybe you’re wondering which is the best? Well, here are the 3 best plans (as chosen by Money Magazine).

Interestingly, there’s no mention of the California 529 college savings plan, which seems to be advertising a lot these days. Hmm.. guess the good plans don’t have to advertise? ;-)

Each offers good, low risk investment options and low fees.

Illinois BrightStart College Savings Program - Direct solid plan.

Managed by: Oppenheimer & Vanguard
Expenses: 0.20% - 0.63%
Low-risk option: Principal protection fund - UP 2.5% last year.

Ohio College Advantage Savings Plan

Managed by: Fifth Third, Pimco, Vanguard, and more
Expenses: 0.19% - 0.91%
Low-risk option: Fifth Third CDs  (10 year CD yields 5%)

Utah Educational Savings Plan

Managed by : Vanguard and others
Expenses: 0.22% - 0.35%
low-risk option: FDIC-insured savings, 1 year CD yielding 1.9%

Just because your state isn’t on the list doesn’t mean you should overlook it. I use the NY 529 plan (http://nysaves.com) which offers comparable options to these, but also allows me to deduct the contributions from my state taxes. ;-)

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Comments

One Response to “3 Best 529 College Savings Plans”

  1. Bob
    June 5th, 2009 @ 12:29 pm

    A parents first financial step for kids should be the Monetta Young Investor Fund rather than a 529 plan. This fund has a kids-theme investment approach, a financial literacy component and free college tuition credit program. It has a low minimum investment($100)and good investment performance.

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