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Monetta Young Investor Fund 1776-A S. Naperville Road, Suite 100 Wheaton, IL 60187 Toll Free (866)-964-4683 |
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A Comprehensive college savings program includes various types of saving plan options, investment choices and tax considerations. There are three basic types of college savings plans, a 529 Plan, Coverdell Educational Savings Account and UGMA/UTMA custodial accounts.
Each plan option has certain tax advantages, maximum contribution levels, withdrawal restrictions and account ownership considerations. At a minimum, a parent should consider establishing either an UGMA/UTMA and/or a Coverdell Education Savings Account, knowing that these funds can be used for qualified elementary and high school expenses in addition to college cost. For qualified college expenses, a 529 Plan has the advantage of high contribution levels that are excluded from the donor's estate while the donor maintains the ownership and control of the assets. A combination of these accounts can effectively be used to meet your funding objectives as outlined below: How Funds Can Be Used Based On Account Type:
The Monetta College Savings Program is not a 529 Plan, but uses either a Coverdell Savings Account or an UGMA Custodial Account as the primary saving plan option. (Back To Articles) Disclosures The information provided represents the opinions of Monetta Financial Services and is for informational purposes only. It should not be construed as a recommendation to buy or sell any security, nor as investment advise. The tax and legal information offered here is not exhaustive but rather a summary of our understanding and interpretation of current tax regulations. State income tax may differ from federal income tax treatment. Investors should consult their tax advisors or legal counsel for advice and information concerning their particular situation.
Tuition Rewards are remitted solely as a reduction from the college’s full tuition bill and are not awarded in cash. Tuition Rewards are not taxable and do not affect Federal financial aid eligibility. Tuition Rewards are administered by SAGE Scholars, a college savings plan founded by the former dean of admissions & financial aid at the Wharton Graduate School, University of Pennsylvania. Participating college's or universities may individually impose rules and regulations governing the use of these rewards. For further information about SAGE and a complete list of participating colleges, please visit www.tuitionrewards.com. By enrolling in the SAGE Scholars Program, you become a “sponsor”. A sponsor must identify designated students (“beneficiaries”) at least two years before beginning college; a sponsor can support multiple students from the same family. Children, grandchildren, stepchildren, nieces and nephews are eligible. A designated student may receive Tuition Rewards from multiple sponsors. Tuition Rewards are applied evenly over a four-year undergraduate education and accumulate semi-annually, equal to 2.5% of the sponsor’s account value on June 30 and December 31 of each year. Each student can apply “up to” a maximum of 25% per year of the participating college’s current annual tuition cost. Participating colleges reserve the right to send admissions information to designated students once they reach high school age. Colleges reserve the right to blend Tuition Rewards into a total financial aid package offered to admitted students, and participation in the Tuition Rewards Program is not a guarantee of admission. For custodial accounts, MFSI has a "college savings program" where these Monetta Shareholders automatically receive an investment kit, a quarterly newsletter, various educational materials and in addition, if enrolled, will receive Tuition Rewards.
All costs for the College Savings Program including participation in the Tuition Rewards Program are paid by MFSI. |
Monetta Family of Mutual Funds 1776-A S. Naperville Rd., Suite 100 Wheaton, IL 60187 1-800-MONETTA Phone: 630.462.9800 Fax: 630.462.9332 The Monetta Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Monetta Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Distributed by Quasar Distributors, LLC |