Gifting Platform Allows Savers to Crowdsource Enough to Fund One Year of Tuition for 25,000 Students
Dresher, PA—Ascensus, a technology-enabled service provider that helps more than 7 million Americans save for the future, is pleased to announce that over $500 million has been gifted to 529 college savings account beneficiaries through Ascensus’ Ugift® program. In total, these gifted dollars could fund one year of tuition at a public in-state, four-year university for nearly 25,000 students.1
“We’re thrilled that so many families have seen a meaningful increase in their college savings due to the generosity of family and friends. Our vision for Ugift was to provide a simple, easy tool for friends and family to gift into 529 accounts, and to see that vision fulfilled is truly gratifying,” says Peg Creonte, Ascensus’ senior vice president of business development for the college savings division. “We’re also delighted to offer Ugift to individuals living with disabilities and blindness as a benefit of their ABLE savings accounts.”
Ugift® first launched in 2007 and serves as a free and user-friendly service that enables family and friends to contribute money to a beneficiary’s 529 college savings account. Gift givers are provided a unique code for the beneficiary, which allows contributions to be made easily and securely. Parents have the ability to share their child’s account code with friends and family as the holidays, a birthday, or another major milestone approaches. Contributions can be given at any time, either electronically or by mail.
“Our Ugift program allows family and friends to join in the savings effort, helping account owners achieve their savings goals one gift at a time,” adds Creonte. “We’re excited to have facilitated half a billion dollars in gift contributions, and we look forward to helping more Americans give the gift of savings.”
All Ugift® contributions are directed to the beneficiary’s 529 college savings or ABLE savings account. Contributions can be made through the Automated Clearing House (ACH), a secure electronic network of financial transactions, or by check at any time with no associated fees for the beneficiary or contributor. For more information on Ugift®, visit Ugift529.com or UgiftABLE.com.
Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare— through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports approximately 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.6 million IRAs and health savings accounts. As of June 30, 2017, Ascensus had over $155 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.
1 Average Published Undergraduate Charges by Sector, 2016-2017; 1-year tuition at an in-state, public four-year university: $20,090. Source: The College Board, Annual Survey of Colleges.
Before investing in any 529 plan, please consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s 529 plan.
Investment objectives, risks, charges, expenses, and other important information such as specific benefits, limitations, rules and guidance are included in a 529 plan’s offering statement/disclosure statement; read and consider it carefully before investing.
When you invest in a 529 plan you are purchasing municipal securities whose value will vary with market conditions. Depending on market conditions, you could lose all or a portion of your money by investing in a 529 plan. Account owners assume all investment risks as well as responsibility for any federal and state tax consequences. Consult with a tax advisor for specific tax applications or consequences.
Ugift® is a registered service mark of Ascensus Broker Dealer Services, Inc.