Small Investments Can Go a Long Way
A common misconception when it comes to saving for college is that you need to put away a significant amount of money every month to make a difference. While putting away as much as you can every month is ideal, that number looks a little different for everyone. Saving just $20 a month can make a noticeable difference by helping your future student reduce future student loan debt.
It’s easy to start or increase an automatic investment plan. Log in to your account or complete and return the automatic investment plan form.
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Maximize Your Investment
There are a lot of ways you can make sure you’re saving as much as possible.
- Automatic Investing Plan: Choose to have a monthly amount funneled to your Bright Directions 529 account. An automatic investing plan allows you the peace of mind to not have to mail a check each month. The funds can come directly out of your bank account each month, simplifying your savings process.
- Lump Sum: Contribute on your schedule and your comfort level with one-time deposits. You can make these contributions as often as you like. If your child receives birthday or holiday cash consider sending a check to deposit into your Bright Directions account.
- Roll Over an Out-of-State 529: Visit with your financial advisor to see if rolling funds from an out-of-state 529 plan into your Bright Directions 529 account might be beneficial. And, Illinois taxpayers can earn an Illinois state income tax deduction when rolling over.1
- Payroll Deduction: Choose to have your contribution taken straight from your paycheck each pay period. Check with your employer for availability.