WHAT OUR MEMBERS SAY
WHAT OUR MEMBERS SAY
About SchoolsFirst FCU

“A great partner makes all the difference. SchoolsFirst FCU is with us every step of the way.”

- Gwynne and Wayne S. 
Members Since 1957

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529 Plan
529 Plan
 

The 529 Plan, also known as a Qualified State Tuition Plan, is offered through Member Investment Services. The 529 Plan is a tax-advantaged savings plan designed to help you set aside money for college or graduate school education—for you, your family, or anyone, at any age.

529 contributions are made with after-tax dollars; earnings in the plan grow tax deferred and are not subject to federal or state tax if used for qualified higher education expenses of the designated beneficiary. Contributions will be placed in a state-sponsored 529 Plan investment portfolio. Products offered to fund the plan are not Credit Union products and are not insured.

 

Features

  • Contributions are limited to the annual gift tax exclusion amount of $15,000 per year ($30,000 per married couple) and grow tax deferred
  • A one-time contribution of up to $75,000 ($150,000 per married couple) can be made if no other contributions are made over a five-year period
  • No income restrictions on contributors
  • Accounts can be set up by anyone—not just parents or family members
  • Accounts can also be set up for anyone, of any age—even yourself
  • Can be used in conjunction with our other college saving accounts: Coverdell Education Savings Account and College Saver Share Certificate

Requirements

  • Withdrawals must be used to pay for the beneficiary’s qualified higher educational expenses, including tuition, fees, books, supplies, equipment, room or board at most U.S. college, graduate school, community college or vocational school.1 (Earnings on non-qualified withdrawals will be subject to income taxes and penalties)2

Let us help you establish a savings plan to help you pay for college expenses. For more information, or to open a 529 Plan:

 

Call

Call

800.462.8328, ext. 4116 

Monday through Friday, 9 a.m. - 5 p.m.

 

 

 

Disclosures

1Pursuant to the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), qualified distributions from a 529 College Savings Plan are tax-free.


2Please consult a qualified tax professional for tax advice on your specific circumstances.
 

Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member  FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with SchoolsFirst Federal Credit Union to make securities available to members. Not NCUA/NCUSIF/FDIC insured, may lose value, no financial institution guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.

NOT A MEMBER?
NOT A MEMBER?
WHO CAN JOIN?
WHO CAN JOIN?
School Employees

Employees and retirees of eligible primary and secondary schools, colleges and universities.

 

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Family Members

Immediate family members of existing SchoolsFirst FCU Members can join too.

 

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REFER A FRIEND