Preparing for college

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carincoleman
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carincoleman
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Registered: 03-19-2009
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New to UPromise Account Question

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03-19-2009 11:55 PM

I have opened a Upromise account and have been saving. Now that there's several hundred dollars in "my account", can I open a 529 account and invest this $ how I would like to in specific stocks or in funds? Or, can I open a 529 plan and transfer or link these dollars so they'll earn interest/dividends for college? I would like at add more dollars monthly to the 529 account, but I don't understand how this works. Is this $ stuck in upromise earning no interest and just earning as I spend more money? Thank you in advance for your reply.
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shanti
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Registered: 10-30-2008
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Re: New to UPromise Account Question

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03-20-2009 11:17 AM

Yes you can.  Depending on the plan you choose, you may have an option for your money to sweep from your Upromise account to your 529 account quarterly.  Here is a link to the relevant portion of the Upromise site.  https://upinvestments.s.upromise.com/upinv/8846.do?cx=l1&cm_re=gav1-_-GlobalNavInvest-_-InvestIn529

If there is no participating plan to your liking, you can request a check and have your earnings sent to you directly.   

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dvb76
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dvb76
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Registered: 04-25-2009
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Re: New to UPromise Account Question

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04-25-2009 01:04 PM

good luck with that, i have been trying to get my upromise $ transfered to my 529 for 9 months with no luck.  they show they are linked, and nothing happens.  after each quarter is over i unlink and link again and nothing.  upromise has been no help to me.
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RayFromMD
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RayFromMD
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Registered: 08-17-2009
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Re: New to UPromise Account Question

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08-17-2009 04:39 PM

Just keep in mind that there's a $20/year charge to maintain the 529 account and if you don't trust the market, Remember, you CAN lose $.  My personal experience: I just withdrew $325 in the account; had I invested in an interest bearing account - not a managed 529 - or even just left it with Upromise- I would have had about $400.  I've got about $50 in the account now; I'm just going to leave it there until the first student loan payment is due, then use it to pay some of that.

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