Whether you’re new to the NEST 529 family, or a seasoned account owner, we’ve compiled some of the most popular questions we hear from families like yours, offering solutions designed to help you better navigate your plan and ensure you’re adopting effective tactics to financially prepare for future higher education expenses.
Q: How can parents use their NEST 529 account to involve their child in a discussion about the importance of higher education?
A: There are so many ways to emphasize the value of higher education, even from a young age. For instance, parents can reward their child’s good grades in school with a contribution to his or her NEST 529 account, and start a dialogue about where that money is going. When the child works hard in the classroom, they will see their efforts pay off as the contribution puts them one step closer to the academic future, setting them up for success as an adult. Parents can encourage relatives and friends to adopt this tactic as well to reward important educational milestones.
Q: As children age, life gets hectic and many parents forget to contribute to their NEST 529 Plan as often as they’d like. Are there any tricks for parents to keep up the momentum, year after year?
A: It can be easy to fall off track from your savings goals and forget to contribute when you’re in the midst of juggling a busy schedule. That’s why we offer virtually effortless options to make recurring contributions. Our Automatic Investment Plan (AIP) is a savings option that allows you to automatically contribute to your NEST 529 account directly from your personal checking or savings bank account. In addition, our Auto-annual AIP increase option will automatically increase your AIP contributions annually. After you're set up, your contribution will be adjusted each year in the month you specify by the amount you request.
Q: Besides contributing funds from a paycheck each month, what are some other ways that account owners can save extra money in a NEST 529 Plan?
A: Regular contributions from your paycheck are a great place to start, but there are many additional ways to boost your savings. Consider contributing from your tax refund and any bonus checks you receive throughout the year as well. Also, don’t forget to check our website to stay up to date on scholarships, which provide even more opportunities to grow your savings. This spring, we are launching two exciting scholarships, which will award winners with a NEST 529 College Savings Plan contribution: “NEST on the Farm” and “Draw Your Dreams.”