JBU is participating in the Independent 529 Plan, a prepaid college tuition plan tailored specifically for private colleges to make higher education more affordable. JBU has joined more than 200 other private colleges and universities across the country to offer a tax-advantaged way for families to save for college and lock-in today's tuition prices.
There are many benefits to participating in the I-529 program. A few of them include:
- Accounts generate no federal income tax if used as intended.
- Benefits are transferable to other members of the family, and refunds are available if the child receives a scholarship or decides not to attend college.
- Your plan benefits can be used for any participating college or university. If your child chooses to attend a college that is not part of the I-529 program, you can get a refund and retain all the tax benefits for the withdrawal portion if used for qualified higher education expenses, or you can roll your I-529 Plan account tax-free into a state-sponsored 529 plan.
- There are no sales, application or maintenance fees assessed to account owners. All costs of administering the program, managing the assets, and running the Tuition Plan Consortium office are paid for by an annual management fee, which is paid for by the member colleges. That means that your entire contribution is applied directly to tuition.
- The amount of certificate purchase may be as low as $500, or $25 per month with an automatic bank or payroll transfer. (If $500 is not accumulated within 24 months of the initial contribution, the funds will be returned to the purchaser without interest.)