Let’s Talk About Your Child’s Education
Mission Tuition Helps YOU With Your 529 Plan!
Readers, recently you were given a brief introduction to the truly amazing company called, Mission Tuition. This is the company that many of you will automatically ‘run to’ in order to find the perfect way to make sure that your child’s educational needs are being met right at this moment.
Mission Tuition is the outstanding company that allows you to sign-up for free, where an “educational savings account” is automatically opened that resides at the Wells Fargo bank until you are ready to fund your child’s education. And then, Mission Tuition provides you with benefits from a huge number of companies that you buy from every single day. This list of companies – through Mission Tuition – offer rebates on all your purchases, and places those incredible rebates into your Mission Tuition savings account – allowing it to sit there and grow until the day that you must begin to pay the expenses for your child’s college education.
As a parent, I was astounded by the amount of rebates, coupons, discounts, and benefits that I can receive through Mission Tuition in order to save for one of the most – if not THE most – important person in my life. In this slightly frightening financial landscape, a company has actually come along that has spent the time to build their network of resources in order to present a wealth of companies that you and I already purchase products from every single day. But now, with Mission Tuition, we will receive all the benefits, coupons, rebates, etc. from these companies and be able to “store away” those funds for our child’s future. Not only that, but we still receive all the in-store discounts, as well!
What many do not know about is a 529 plan. This is a truly fantastic way – the only way, perhaps, nowadays – that is safe and effective in order to meet your own child’s educational needs. Yes, there are a wealth of stock brokers, financial consultants, etc. in the world today that certainly own this information, but many families are wary about the amount that is needed to begin accounts with ‘large firms.’ Mission Tuition is a company that understands that, and has built from the ground up a place that is comfortable for the parent and family member – a place where people can escape all the “negative feelings” that they are experiencing for the financial climate we all find ourselves in right now.
For a little information, there are two types of 529 plans: pre-paid tuition plans and college savings plans. All fifty states, and the District of Columbia, sponsor at least one type of 529 plan. In addition, a group of private colleges and universities also sponsor a pre-paid tuition plan.
The differences are this: Pre-paid tuition plans generally allow ‘college savers’ to purchase units or credits at participating colleges and universities for future tuition and, in some cases, room and board. Most prepaid tuition plans are sponsored by state governments and have residency requirements, but many state governments also guarantee your investments in the pre-paid tuition plans that they sponsor.
College savings plans generally permit a ‘college saver’ to establish an account for a student (calling them the “beneficiary”) for the purpose of paying the beneficiary’s eligible college expenses. An account holder can typically choose among several investment options for his or her contributions, which the college savings plan invests on behalf of the account holder. Investment options can be anything from stock mutual funds to bond mutual funds to money market funds, as well as ‘age-based portfolios’ that automatically shift toward more conservative investments as the beneficiary gets closer to college age.
Mission Tuition, of course, took all of this one step further. The knowledgeable creators and staff behind this amazing company already knew that there are very few ‘dollars’ simply floating around from incomes right now. It is incredibly difficult to find the ‘extra cash’ to make these kinds of plans come to life. But with Mission Tuition, they offer a system that is completely simple – a system that you already use on a daily basis.
Mission Tuition is partnered with all types of companies – your basic companies like Walgreens and SEARS – which you already shop at every day – to food, wine, toy companies, grocery stores, electronics stores, and more, that you already give your money to for your purchases. But with Mission Tuition, every time you make one of those daily purchases at these stores, you get BACK money. You receive rebates – in some cases, up to 15%, that automatically are placed into your Mission Tuition savings account. Even without deciding what 529 plan you want to sign up with at this point in time, you don’t lose out! The coupons, the rebates, the savings – you still receive them all by simply opening a FREE Mission Tuition account.
Then you have the funds necessary to save for your child’s education. And when you discover the 529 plan that you eventually decide is best for YOU, it is already funded from the money you have already saved in your Mission Tuition account. I know…it seems too good to be true. By utilizing Mission Tuition, we don’t need to run out and get second and third jobs in order to save for our child’s education because Mission Tuition has found a way to make savings possible!
While you’re saving your money on a daily basis, you can utilize the amazing resources provided on the Mission Tuition site to investigate, learn and understand all the 529 plans that are out there. You will also learn that ‘college savers’ receive special tax benefits. Earnings in 529 plans are not subject to federal tax, and, in most cases, state tax, as long as you use the withdrawals for eligible college expenses, such as tuition or room and board.
It is also important to understand the fees and expenses associated with 529 plans, which will show you that the Mission Tuition account is truly necessary. While you are doing your regular, every day shopping and saving the money necessary for college expenses, you are already building the money you will need for the 529 plan. Pre-paid tuition plans typically charge enrollment and administrative fees. In addition, college savings plans may charge enrollment fees, annual maintenance fees, and asset management fees. Some of these fees are collected by the state sponsor of the plan, while some are collected by the financial services firms that the state sponsors. There are some college savings plans that will waive or reduce some of these fees if you maintain a good account balance or participate in an automatic contribution plan, OR if you are a resident of the state sponsoring the 529 plan. This is information you need to know beforehand!
Investors that purchase a college savings plan are typically subject to additional fees. If you invest in a broker-sold plan, you may pay a ‘load.’ Broadly speaking, the ‘load’ is paid to your broker as a commission for selling the college savings plan to you. Many broker-sold 529 plans offer more than one class of shares, which impose different fees and expenses. So, let’s face it, the process of opening just the right 529 plan is a bit confusing. And, in the end, money is necessary for the opening; and now THAT money can be easily saved by using the wealth of services that Mission Tuition provides. In opening an account with THIS particular company, there are no fees. The opening of an account is absolutely free, and seeing as that you have to shop for groceries and incidentals a great deal of the time, you can automatically begin saving your rebates in the Mission Tuition account!
Having this extra time is always a good thing. Because, yes, there are ways to purchase a 529 plan where you can actually avoid some of the extra fees that others require. That savings comes in the form of Direct-Sold College Savings Plans. Some states offer college savings plans through which residents (and, in many cases, non-residents) can invest without paying a sales fee. This type of plan, which you can buy directly from the plan’s sponsor or program manager, without the assistance of a broker, is generally less expensive because it waives or does not charge sales fees that may apply to broker-sold plans. You can generally find information on a direct-sold plan by contacting the plan’s sponsor or program manager, or visiting the plan’s website.
In future articles, we will be speaking more about the 529 plan, and the very REAL ability you have to save for your child’s education – even in this somewhat dismal climate. Mission Tuition has brought about a new ‘idea’ – a fabulous concept that all parents and families will want to check into as soon as possible.
In fact, Mission Tuition and the wealth of partners they offer in order to save YOU money, warrants a front-page headline every time.
Until Next Time, Everybody.
For more information, go to:
Questions regarding Mission Tuition:
16255 Ventura Blvd.
Encino, CA 91436