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Savings: College Savings Plan
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A 529 College Savings Plan is a state-sponsored, tax-advantaged savings plan that can help families and individuals save for higher education expenses. These plans offer a number of benefits, including tax-deferred growth and federal income tax-free withdrawals when used for qualified education expenses. This federal income tax-free treatment of qualified withdrawals and other federal tax benefits are now permanent for 529 plans through the passage of the Pension Protection Act of 2006. Savings can be used at most accredited colleges and universities in the U.S. and at many colleges abroad. Qualified expenses include tuition, fees, eligible room and board, books, supplies and required equipment for attendance at a higher education institution. In addition to the federal tax benefit, many states offer a state income tax deduction for contributions to their plans as well as state income tax-free withdrawals for qualified expenses.
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John Hancock Freedom 529 is a national Section 529 college savings plan. John Hancock Freedom 529 is offered by the Education Trust of Alaska and managed by T. Rowe Price, and is distributed by John Hancock Distributors LLC, through other broker/dealers that have a selling agreement with John Hancock Distributors LLC. John Hancock Distributors LLC is a member of Financial Industry Regulatory Authority (FINRA), formerly NASD, and is listed with the Municipal Securities Rulemaking Board (MSRB). The plan offers a multi-managed approach, allowing investors to work with their financial consultants to pursue a strategy to maximize their investment opportunities, while managing risk. Expanding upon the inherent advantages of a typical 529 savings plan, the product offers investment choices from some of the nation's top mutual fund managers.
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Developed by Founder and President Rebecca Matthias, the Futuretrust college savings program was created for parents by parents and recommends that families begin to save for their children's education prior to their being born and throughout their lives. The MasterCard(R)-linked college savings program helps parents get a head start on college savings with rebates that are automatically deposited into a tax-free 529 college savings plan of their choice.
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College Savings Plan