To help California families save for college, the state’s ScholarShare 529 plan offers to match the first $200 contributed in the first year of an account, plus $25 for new sign-ups. Here are the details on how the plan works:
. Although those breaks are more meaningful for people in higher tax brackets, the simple act of saving for college pays dividends for any family with kids who want to earn a degree.
That’s because even a small amount invested early on can grow significantly over the years, helping you to reduce the amount you or your children will have to borrow. Likewise, every dollar you don’t borrow will translate into less interest you or your future graduate will have to pay on college loan debt.
And borrowing is an issue even for families who qualify for financial aid, said Julio Martinez, executive director of the ScholarShare Investment Board. According to the , students who received federal tuition grants still faced at least $9,000 in college or community college costs in 2018-19, the most recent year reported.State Treasurer Fiona Ma, who chairs the ScholarShare Investment Board, said in a news release that the mere act of saving for college is strongly correlated with students continuing their education after high school.
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