What is a SoFi 529 College Savings Plan?
529 College Saving Plans are tax-advantaged investment vehicles designed to help you set aside money for the future costs of higher education!
Why invest in a 529 College Savings Plan?
529 College Savings Plans allow you to invest post-tax dollars and grow your funds tax-free, as long as they’re used for qualified education expenses. Allowed expenses include tuition, books, supplies, equipment, room and board, and other associated fees required for study at any accredited college, university, or vocational school in the United States and at some foreign universities.
In addition, 529 plans have a minimal impact on a student’s eligibility for financial aid.
What type of plans are available?
There are two types of 529 plans: prepaid tuition plans and savings plans.
Prepaid Tuition Plans allow for the pre-purchase of tuition based on today's rates and then payout at the future cost when the beneficiary is in college.
Savings Plans, which are the most popular, are like many other investments and typically include mutual funds. NOTE: At this time, SoFi does not offer a 529 College Savings Plan.
Please Note: While SoFi does not currently offer a 529 savings plan, we may refer you to options through this 529 College Savings Plan Selection Tool (to access you will need to have a SoFi account).