How does it work?
The Scholars Savings Program allows you to open and manage a college savings account for your child free of charge.
The college savings plans offered through Scholars Savings Program are called 529 plans.
The Utah Educational Savings Plan is the 529 provider for the Scholars Savings Program. To learn more please see our FAQ.
Families can get an account up and running in 20 minutes.*
Enrollment is only available online and in English.
Over 200 students are saving for college with Scholars Savings Program!
*Approximate enrollment time based on average duration of enrollments.
Why does saving for college matter right now?
It's simple; the cost to attend a four-year higher education institution has been rapidly increasing within the last decade. Tuition across many colleges and universities has climbed by thousands of dollars within the span of years.
While Financial aid can be a tremendous help in paying for students' college, receiving aid does not necessarily mean the entire cost of college will be covered.
However, you can prepare for your child's future if you start saving today. Saving during your child's early years can significantly help in later college planning.
What do I need to get started?
To set up an account you need 3 things**.
A Social Security Number or ITIN*** (Individual Tax Identification Number) for you or the adult who will open the account.
A Social Security Number or ITIN for the child who will have a Scholars Savings Account.
An active email address for accessing your child's Scholars Savings Account online.
OWNING A 529 PLAN
- There can be tax advantages when you save and the money is used to pay for your child's qualified educational expenses.
- Anyone at least 18 or older can set up an account on behalf of a beneficiary (usually a child). This means a grandparent, legal guardian, aunt, uncle, older sibling etc. may open an account for a child.
- Money saved in a 529 will not reduce benefits for families receiving CalWORKs.
- 0.00% - 5.64% of your savings in a 529 plan is counted as income for your child's FAFSA on the EFC (Expected Family Contribution) - a great amount of asset protection.
SCHOLARS SAVINGS PROGRAM OFFERS
- You can open a Scholars Savings Account at no cost!
- El Monte Promise Foundation can support you with Spanish translation.
- No minimum deposit is required to save.
- You own the account and you have direct control.
- Net balance of 0 fees!*
- Select accounts qualify for Scholar Dollars (additional benefits).
*Scholars Savings Accounts are subject to the Utah Educational Savings Plan Administrative Fee, but the fee is offset by the interest gained on the account totaling to no fees for the account.
I DON'T HAVE A SOCIAL SECURITY NUMBER?
You don't need a Social Security Number to open a Scholars Savings Account. You can open an account with an ITIN (Individual Tax Identification Number).
To apply for an ITIN you will need to fill out IRS Form W-7 and submit requested documentation to a local IRS office. Please visit the IRS website for more information. Information is available in English, Spanish, Chinese, Korean, and Vietnamese.
I DON'T HAVE A BANK ACCOUNT?
You don't need a bank account to open a Scholars Savings Account. A personal bank account is optional if you wish to make deposits online.
If you do not have a bank account you may still make a deposit via mail to your child's Scholars Savings Account with a check or a money order.
I DON'T HAVE ACCESS TO A COMPUTER?
If you already have a Scholars Savings Account for your child, or you wish to open an account and need access to a computer and/or internet please contact us for help!
We are more than happy to assist families who need access to a computer and/or internet for account access or enrollment in the Scholars Savings Program.
Please note you may need to make an appointment with our staff to make sure we are able to serve you. Contact us for more information.