SOURCE: ScholarShare


June 14, 2012 13:27 ET

This Father's Day Give Yourself a Gift for the Future

Dad Can Prepare for the Future Cost of College by Starting a ScholarShare 529 College Savings Account for His Child

SACRAMENTO, CA--(Marketwire - Jun 14, 2012) - ScholarShare, California's 529 college savings program, showcases Father's Day as an opportune time for dads to start a college savings plan for their child or loved one. On a holiday marked by gifts of power tools and ties, dad can give his future self a gift by establishing a fund that can appreciate with time and ease the burden of saving for his child's college future. It takes only $25 to open a brand new college savings account and dad can instantly begin relieving the pressure of being unprepared for his child's future education costs.

Many families have grown to bear the burden of college tuition costs, but rising fees have led many hard-working families to struggle under the weight of massive student loan debt. Many fathers spend their entire life savings to secure the financial future of higher education for their children but with the rapidly rising cost of college, many fathers simply cannot save as much as they would like. Establishing a college fund early in life can help dad maintain his loved ones' ability to pay for college without hampering his ability to provide for his family's daily needs.

ScholarShare has the tools to make it easier than ever for anyone to contribute to their children's or loved ones' future college tuition costs. Families interested in saving for college can check out ScholarShare's new online resource tools on their website. And through the "Give a Gift" option on its website, any gift giver can open an account for children of all ages or contribute to an existing account. College savings specialists are available for phone and in-person consultations at no additional cost to answer questions.

ScholarShare continues to offer flexible features for anyone interested in starting a college savings plan. Any US citizen, or resident alien with a valid Social Security Number or Taxpayer Identification Number, can open a new account on behalf of a beneficiary. Funds can be used at any eligible educational institution in the nation, and some abroad, for a variety of qualified higher education expenses, including mandatory fees, books, supplies, or even certain room and board costs.

About the ScholarShare 529 College Savings Plan:
ScholarShare accounts may be opened online with as little as $25 per investment portfolio. ScholarShare has no annual account maintenance fee, no income limit and offers a high maximum contribution limit of $350,000. The program currently holds more than $4.3 billion in assets as of 5/31/2012. More than 240,000 accounts have been opened since ScholarShare's inception in 1999. To sign up for an account or for more information about the plan, visit For information about the SIB, visit Follow ScholarShare on Twitter at @ScholarShare529.

Named for the section of IRS code under which they were created, 529 plans are highly regarded for their tax-advantaged status. Any earnings on investments can grow tax-deferred. Withdrawals, when used for tuition and other qualified higher education expenses, are federal and state income tax-free.

Consider the investment objectives, risks, charges and expenses before investing in the ScholarShare 529 College Savings Plan. Please visit for a Program Disclosure Booklet containing this and other information. Read it carefully.

Before investing in a 529 plan, you should consider whether the state you or your Beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.

The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non‐qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.

Investments in the Program are neither insured nor guaranteed and there is the risk of investment loss.

The ScholarShare 529 College Savings Plan Twitter page is managed by the state of California.

TIAA‐CREF Tuition Financing, Inc., Program Manager.