Promise Indiana Benton:Families

Your student knows that you believe in them and their potential. Starting saving now is another chance to have that conversation about their future.

Starting to save for education beyond high school when your student is young can make a difference by the time your kindergartner is ready to go. Little by little, it all adds up.

Colleges and specialized training programs often come with big price tags. Having even a small amount of savings can fill in the gaps when it comes to those costs.

Students with additional education or training have more opportunities when it comes to choosing a career.

This is the State of Indiana’s college savings plan. It is a type of investment account specifically created to help families save for college and career training.  The money in this account can be used at two-year colleges, four-year colleges, and other career training programs in Indiana and across the country. This account also provides a state tax credit for Hoosiers.

You can learn more about CollegeChoice 529 by visiting the Indiana Education Savings Authority web site. Promise Indiana is administered by the Indiana Youth Institute and is neither affiliated with, nor an authorized distributor of, the CollegeChoice 529 Direct Savings Plan and does not solicit investments or provide investment advice.

Through IYI’s Promise Indiana program, if your student is in an eligible grade level, you can start a CollegeChoice 529 account with no initial contribution of your own money. A community sponsor is depositing the first $25 into the account for eligible students. Once the account is open, you can choose to make additional deposits but are not required to do so. You can start saving when you are ready and with deposits as little as $5 at a time.

It’s great you have started saving. If you have a CollegeChoice 529 Direct savings account, you can link your account to IYI’s Promise Indiana program. Contact us to learn how to link your student’s account.

No, any adult who wants to invest in a student’s future can start an account for that student, including but not limited to parents, legal guardians, grandparents, aunts, uncles, friends, or caregivers.

Yes, 529 accounts can be used for any program that accepts federal financial aid. This includes two-and four-year colleges, graduate schools (including law and medical), and vocational or technical schools. 529 account funds can be used for many higher education expenses, including tuition, fees, and certain room and board costs.

Yes, your student can use their account funds at any eligible school around the country and abroad—not just in Indiana. This includes two-and four-year colleges, graduate schools (including law and medical), and vocational or technical schools.

You continue to own your student’s 529 account even if you move. If your student attends another school in the state with a Promise Indiana program and is in an eligible grade level, they can continue to participate in the program, including earning any community matching deposits. If your student attends another school that does not have Promise Indiana, you still keep your 529 account, but your student cannot earn any additional deposits from Promise Indiana.

You can make electronic deposits from your bank account any time you want by logging in via the CollegeChoice 529 website, where you can also set up automatic recurring deposits. You can also mail a check. Additionally, some employers offer direct deposits into 529 accounts from your paycheck. Check with your HR or benefits department to find out if this is available.

You can keep track of the funds in your student’s account by signing up for online access and logging in through the CollegeChoice 529 website. You will receive quarterly statements for your account through mail or email (you indicate your preference when you start the account and can change your delivery method at anytime) whenever there is activity for that quarter. Every account owner receives a minimum of one statement annually.

When you start a CollegeChoice 529 Direct account, you are the owner and you control the account. If your student does not use the funds in their account, you can change your beneficiary to another eligible member of the family (as per CollegeChoice 529 plan rules) with no penalty.