July 3, 2022

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American kids can get $100 bonds in college savings program – see if your child qualifies as 70,000 r… – The Sun

THOUSANDS of American kids are now eligible for $100 bonds in a college savings program. The scheme.......

THOUSANDS of American kids are now eligible for $100 bonds in a college savings program.

The scheme was introduced in New York City to help with future education costs.

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The fund will be set up with a minimum of $100Credit: Getty

Up to 70,000 kindergarteners became the first in the US to receive the baby bonds.

It means that youngster in that age bracket across the whole city will get a 529 college savings account.

The fund will be set up with a minimum of $100, NBC reports.

Kids can also get up to $200 in rewards.

NYC School Chancellor Meisha Porter said: “If we want to change outcomes in our community. It has to start by investing in our most precious, precious commodity and that’s our children.”

The SEC says 529 college savings are “a tax-advantaged savings plan designed to encourage saving for future education costs.”

What is a 529 plan?

A 529 is a tax-advantaged savings plan designed to get you to save for future education costs, according to US Securities and Exchange Commission.

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They’re sponsored by states, state agencies or educational institutions and authorized by Section 529 of the Internal Revenue Code, hence its name.

There are …….

Source: https://www.the-sun.com/money/3674563/college-savings-program-children-qualifies/