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Human Resources IU Human Resources

September 2018
HR Today

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Learn More About Saving for College

Earlier this year, we shared a new resource on how to start saving for education expenses: 529.iu.edu. The IU Office of Financial Literacy created the site to help explain some of the most common saving options available and break down the process of how to set-up a 529 plan. The site also compares different college savings plans, including the most popular 529 plans. 

The Financial Literacy team has the information and resources available to help you make the best choice for your education savings needs.

2018 Indiana CollegeChoice Contributions are Due by December 31, 2018

If you’ve already opened a CollegeChoice 529 plan, way to go! You can get a state income tax credit equal to 20 percent of your contributions (maximum $1,000 per year). Make sure you’ve made your contributions by December 31, 2018 to take advantage of the credit when you file taxes.

“Our team is always searching for new ways to help IU families make wise financial decisions, including reducing their reliance on student loans,” said Phil Schuman, director of financial literacy. “Partnering with HR to communicate with employees about 529 plans will help us drive home the benefits of saving for education expenses.”

The resources at 529.iu.edu will help you get started in selecting a plan. Once you’ve enrolled, you can set up a direct deposit from your paycheck right to your plan through IU Payroll. Learn how with this step-by-step flyer (PDF).

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Page updated: September 2018

IU Human Resources
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