CollegeBacker’s mission is to make college affordable for every American family by offering a college savings plan. As an SEC registered investment advisor, its platform suggests the best 529 plans with low-fee investment options for a child of any age.
CollegeBacker 529 College Savings Plan
The 529 College Savings Plan is a tax-advantaged investment account. It grows tax-free and can be withdrawn tax-free to pay for your child’s education costs. With CollegeBacker you can get a unique link to rally family and friends to help you save more for your child’s college savings.
CollegeBacker does not hold your funds in the plan. They act as the intermediary that simplifies the process and advise on funds. Collegebacker uses a broker to custody your funds.
There are no fees charged by Collegebacker, but you may pay fees based on the selected 529 Plan with the broker. Collegebroker works on a tip basis. You set up a recurring tip to help the company meet its operational expenses.
Who is this best for?
Any US citizen or permanent resident who wants to set up college savings account for a child. With no age restrictions or income requirements, anyone can open a 529 college savings plan.
Features and Benefits
A fee-free platform for college savings – no required platform fees, no commissions, 1% of all tips used to reach low-income families.
Completely online – easy tools to open, maintain, and monitor plans
Tax-free benefits – grows tax-free and can be withdrawn tax-free to pay for your child’s education costs.
Family and friends can contribute – have your family and friends contribute to your child’s college fund instead of gifts or cash.
Child decides not to go to college – you can transfer funds to an immediate family member or you can withdraw and close the account and pay the 10% IRS penalty and taxes on the growth.