ScholarShare: California 529 College Savings Plan Basics - Upromise

California ScholarShare 529 is a state-sponsored, tax-advantaged 529 college savings plan that's helping families plan for the cost of higher education. Learn the basics of 529 Plans and how to optimize your plan to turn cash back earned on everyday purchases into college savings with https://www.upromise.com/. $5.29 Sign Up Bonus. Over $100 Billion Saved. To read more about California 529 Plans visit: https://www.upromise.com/articles/cal... Timeline 0:01 Intro: Stacy Garrels, Upromise members 1:03 Welcome Derek, 529 savings plan expert here to discuss California’s college savings plan, ScholarShare 1:48 What is a 529 savings plan and how is it different from other savings tools? 2:03 A 529 savings plan is an investment product designed exclusively to help families save for college. 2:11 529 plans are issued by states. 2:17 529 plans provide federal and state tax benefits. 2:38 How is California’s 529 plan ScholarShare different from other plans, and what are Scholarshare enrollment requirements? 3:18 There is no minimum contribution required to invest. 3:34 What is the ScholarShare plan maximum contribution? 3:57 Can a 529 plan lose money? 4:27 California’s 529 plan ScholarShare has a number of both high-risk and very conservative, low-risk options. 5:23 How (Can) other family members contribute to my kid’s college savings? 6:08 ScholarShare has a gifting platform: Ugift. 7:09 Will 529 plans hurt my child’s financial aid availability? 9:32 What happens to 529 plan funds if my child gets a full scholarship to college, or even a partial scholarship? 11:49 What happens to 529 plan funds if my kids don’t go to college? 12:25 Withdrawing 529 plan funds 13:03 What’s considered a qualified higher education expense? 14:00 Can you use 529 plans for non-college expenses? 14:15 529 plans can also be used for K-12 private education, vocational school, or to help pay off student loans. 15:37 What’s the best time to start saving for college? 15:54 You cannot start saving too soon for college and you cannot start saving too late for college. 16:14 What can I do to get the most out of my 529 plan and maximize 529 plan performance? 16:43 Use all the tools that ScholarShare, or your 529 plan, has to offer. 17:06 Look at automatic funding options. 17:59 Use gifting platforms like Ugift and reward platforms like Upromise. 18:50 What else families need to know about saving for college? 20:44 Get $5.29 for free when you sign up for the free rewards platform, Upromise, where you can earn cash back rewards that go directly to your child’s college savings. Right now, when you sign up for Upromise you can get $25 free college money for your child.