Saving for college just got a bit less expensive since the Virginia529 College Savings Planreduced administrative fees and added a new age-based savings program at the beginning of 2014.
On Jan. 1, Virginia529 decreased the administrative fee for the inVEST savings program from 0.20 percent to 0.15 percent. The program also has a new age–based evolving portfolio, Rappahannock, suggested for children three and under.
“We understand that our customers want to save as much as possible to fund their higher education goals,” said Mary Morris, Virginia529 CEO. “Implementing this fee reduction helps their money go further.”
Virginia529 inVEST is a direct-sold savings Internal Revenue Code Section 529 qualified tuition program offered by Virginia529.inVEST offers portfolios of stocks and bonds, intended specifically to pay for qualified higher education expenses for the designated beneficiary.
Virginia529 continues to encourage online account openings. To mark the new Rappahannock portfolio and reduced inVEST fees, the agency is offering a waiver of the $25 application fee for those who open an account online at Virginia529.com and use the promo code EDUCATE.