Idaho Support Programs
IDeal 529 College Savings Program
529 college savings plans are state-sponsored programs that help you save for college tuition, certain room and board costs, books, supplies, and other qualified higher education expenses.
When you enroll in IDeal, you choose to invest in one or more of ten different investment options based on your investing preferences and risk tolerance. The Plan offers three choices: Age-Based Options and Fixed Asset Allocation Portfolios, managed by The Vanguard Group, a leader in low-cost investments and one of the world’s largest investment management companies, and the Savings Portfolio, which is FDIC-insured. The Savings Portfolio is managed by Sallie Mae Bank.
All contributions made to your account grow tax deferred. When it is time to pay for qualified higher education expenses, distributions are federally and Idaho state tax-free. Anyone can open and contribute to an account on behalf of a future student. The account owner retains control of the account.
Named after Section 529 of the Internal Revenue Code, 529 plans were specifically designed to help families save for college. Because they allow your savings to grow tax-deferred, and the withdrawals used for qualified educational expenses are tax free, your money has the potential to stretch further than it could with a savings method that doesn’t offer these same tax advantages.
For more information and important legal notices, check out IDeal 529’s website.