What is New York's 529 college savings program?

Managed by Ascensus College Savings, New York’s 529 College Savings Program is a direct-sold plan featuring Vanguard mutual funds. It is available to residents of any state, comes with low fees and has plenty of investment options. New York residents are eligible for a state tax deduction for their contributions to the education savings account.

What is a 529 plan?

A 529 plan is a tax-advantaged savings account that’s designed to help you save for education costs. Also known as qualified tuition plans, 529 plans are offered by every state and Washington, D.C., as well as some educational institutions.

Should you invest in a 529 college savings plan?

For most parents looking for a way to save for their child’s college education, a 529 college savings plan is a wise choice. That’s because the money you invest in one of these accounts grows tax-free if you use the funds toward eligible education expenses. Individual states offer 529 plans.