It seems that every time I turn around, there is another story on the news about college tuition prices going up, or on student loans reaching the trillion dollar mark. I, myself, am one of those who have more student debt than I care to admit. That’s why, if and when my daughter decides to go to college, I want to make sure we have a plan.
This year, we were delighted to have ScholarShare’s support as a Tea Stand Sponsor at our Annual Benefit Tea held on April 25th in San Francisco. We are excited to be partnering with ScholarShare – not only are we happy to get the word out to our supporters about the importance of saving for college, but we, too, have been inspired by talking with Garianne Dashiell, a TIAA-CREF consultant. True story – after talking with Garianne, both Lisa and Anna are ready to sign up!
I (Anna) was fortunate enough to spend some time talking with Garianne before the Tea. Full disclosure: I was a little intimidated about talking to an investment consultant. I’m no pro when it comes to money management, and I’m certainly out of my element when it comes to investing. But Garianne said this is one of the best parts of her job: helping to break down the misconceptions parents have about investing for college.
“As the mom of a college freshman, I know what it feels like to wonder where the money for college is going to come from,” said Garianne. That’s one of the reasons she does what she does: it feels important to her to get the word out to as many parents as she can that planning is possible and it’s relatively easy.
TIAA-CREF Consultant Garianne Dashiell
How easy, you ask? Color me surprised: To open a 529 account, all you need is $25. *That’s it.* That’s less than a week’s worth of my morning coffee indulgence. That’s less than half a tank of gas. That’s a dinner out with a friend.
That’s pretty easy.
And that’s all you need each month – a minimum of $25 to put towards your child’s college education. I’m not saying I don’t love my morning coffee, but when I weigh it against my daughter’s education? Well, college wins every time.
Another great feature of the ScholarShare plan is that other people can gift into it. Grandparents or aunts and uncles or friends can choose to contribute to your child’s 529 in lieu of gifting your household with tiny plastic toys that you step on in your bare feet. (Legos hurt, AmIRite?) Garianne told me the story of a baby she knew whose young, getting-on-their-feet parents asked for 529 contributions for his first birthday, rather than gifts. When all was said and done, that toddler had over $1000 to invest in his college education. By the time he was one! That’s impressive stuff.
Thanks so much to Garianne and ScholarShare for investing in Help a Mother Out, so that we can continue empowering moms through our life changing diaper program.
If you’re interested in learning more about ScholarShare, you can check out their website at scholarshare.com. And be sure to note that this coming May 29th is 529 Day, and Scholarshare will match your $50 contribution to a new Scholarshare account with $50 of their own. Or, if you want to talk to Garianne, she says “Call me! I’d love to chat. You can reach me 415-882-3626 or firstname.lastname@example.org.”