Bank of North Dakota recommends families spend time this September, College Savings Month, considering how they will save for college. Families should consider opening a College SAVE account to explore the tax advantages offered to North Dakota residents, as well as the savings possibilities available with the plan.
Take advantage of College Savings Month to explore college savings benefits including two matching grant programs that are income sensitive and allow for increased savings for parents of newborns. Not only can families potentially get a dollar for dollar match of up to $400 ($1,000 for some lower income families) but the plan is designed to give families an opportunity to save for college with state tax advantages.
Any North Dakota taxpayer can invest in College SAVE and deduct up to $10,000 as a married couple each year from their state taxable income. Anyone who wants to make the beneficiary's future higher education possible can contribute to an account on behalf of the beneficiary, including grandparents, parents, and friends and take the deduction.
Visit www.collegesave4u.com for more information.
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