Saving for College the Smart way - 529 Plans          

 

Hawaii 529 Plan

Hawaii offers the HI529 college savings plan to help residents (and non-residents) save for college. 

HI529-Hawaii's College Savings Program

HI529-Hawaii's College Savings Program is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type: Direct - Hawaii's 529 plan can be purchased directly.

Fund Family: The Vanguard Group

Minimums: To get started you can deposit $15.  The minimum subsequent contribution to this Hawaii 529 plan is $15.

Maximum Contributions:  Currently, you can contribute until the aggregate balance per beneficiary in your Hawaii 529 plans reaches $305,000.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  Hawaii residents don't pay state income taxes on earnings, but there is no deduction for contributions.  All residents get the usual federal benefits.

Other Benefits: Through your HI529, you have the option to be a part of a reward program set up by Upromise. By making purchases with your card, the reward program offers a percentage of purchases that convert into rewards points, and ultimately convert into account contributions.

Residency: HI529 is open to all United States residents, not just those in Hawaii.

You can learn more about the this 529 plan at the official web site.


 


 

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