A 529 plan is a special type of savings account specifically designed to encourage early, affordable and consistent saving for college. While a person can save money for college in any type of account, 529 plans provide certain advantages for those who intend to save money for higher education.
There are many benefits to a 529 plan. They include:
UESP is a leader in helping families save for college. USEP has earned Morningstar’s top rating for the last six years. USEP’s fees are among the lowest in the industry. Families saving with UESP can open an account with $0 and deposit any amount they want. UESP also lets famalies see both their own account and the Brilliant Baby CSA linked together, showing them a picture of all college savings for their child. For more information about UESP, visit www.uesp.org.
Parents/guardians will need to bring their baby’s Social Security Number in order to sign up for a Brilliant Baby CSA. Parents/guardians do not need a Social Security Number of their own to secure a Brilliant Baby CSA for their child. If parents/guardians want to sign up for a family-owned 529 account, they will need either a Social Security Number or an Individual Taxpayer Identification Number (ITIN) for both them and their baby. If, for any reason, parents/guardians do not have or are unable to apply for a Social Security Number, Brilliant Baby can set parents/guardians up with a legal consultation about whether they should apply for an ITIN.
Parents/Guardians should have the following ready when signing their children up for accounts:
Families cannot deposit into the Brilliant Baby CSA, but we encourage families to save for their baby by setting up their own 529 plan alongside of their Brilliant Baby CSA. If a family uses the Utah Educational Savings Plan to do this, they will be able to link that account to the Brilliant Baby CSA, and see all of their baby’s college savings in one place. Brilliant Baby program representatives can help with this.