$50 for Opening a 529 Plan in Ohio

One of the ways that you can save money for your kids’ college education is by opening a 529 plan. And right now, you can get a free $50 for doing so when you open a plan with CollegeAdvantage, Ohio’s 529 plan. I learned about this great deal over at Lazy Man and Money, and I am excited — and likely to open one for my son. Especially since I will get $50 for free. Here is what Lazy Man says about the offer, which provides you an initial $25 and then adds another $25 when you fulfill certain requirements:

If you set a recurring monthly electronic transfer before January 31st, they’ll give you another $25 bonus – $50 in total free money. You just have to make sure that you transfer $25 a month, have a minimum of 3 transfers in a 90 day period, and still have the transfer active after the 90 days. So the way I read it, you could spend $75 to get $25 free. That’s a nice 33% return on your investment.

Can you afford $25 a month for your child’s education? I can. Even though I expect my son to help pay for his own education, I want to be able to help out by providing some money, though. My parents paid for my housing and meal plan while I was at college, and I would like to do something to contribute to my son’s education.

Advantages of the Ohio 529 plan

I looked at the CollegeAdvantage plan and it looks good. You can choose from a variety of investment options, with different fee structures. The fees on the plan itself are low, and you can use the money at any college in the country (some state plans limit you to the state). It deserves a good look, I think. Especially if you want to help your child prepare to pay for college.

The code for the deal is 2481398

Image source: kevindooley via Flickr