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COLLEGE SAVINGS

By Terry Savage on September 10, 2017 | College Savings / Student Loans

Hello Terry, Thank your helpful advice on College 529 Savings. My question is: I am Illinois Resident and wold like to open 529 Savings account for my 3 yrs old daughter. I saw your article on Bright Start Vs. Bright Directions and like it very much! I would like to know your Opinion about BRIGHT DIRECTION vs. VANGUARD 529 PLANS? Also, I heard something about OPPENHEIMER PLANS. What do you thing about those? Fees, Performance and Security are very important to me. Thank you so much! you are God sent help to so many families, especially Me! God bless you greatly for all that you do.

Terry Says

I always send people to www.SavingforCollege.com where you can check on the performance ratings and the fees for various 529 plans.  (You can invest in any state's plan, and the money can be withdrawn tax-free in the future for college expenses in any qualified school.) Illinois recently revamped its Bright Start Savings plan, changing investment advisors and cutting costs.  Plus, you get a tax deduction for your contribution (up to $10,000).  In the light of these changes, I have no longer any major objection to investing in Bright Start Savings.    Do it on your own, using the link I just posted. But in the interests of full disclosure, a few years back, when I was so upset that the state had not made any changes (which now it has done), I opened an account for my granddaughters in the Vanguard plan!

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