College Savings Plan

Naropa offers a Section 529 college savings program through College Invest. These plans, which were established by Congress to provide people with additional college savings options, are operated by the individual state in which they are provided. The College Invest plan is the State of Colorado’s Section 529 option.

Section 529 plans can be established for anyone, including yourself, or a student who is already in college. Anyone can also establish a plan, including grandparents, god parents, aunts/uncles, etc. The only restriction is on who may use the money.

Section 529 plans are market-based and operate very similarly to a retirement savings plan. Post-tax dollars are put into a savings account, which is invested according to your risk tolerance, time horizon and other factors. Any interest that the money earns is tax-free (as long as it is used towards higher education). Additionally, as a participant in the State of Colorado plan, you can make a state tax deduction of any principal amount that you contribute to the account.