For military families
The GI Bill can help send you, your children, or spouse to college, but it may not cover every expense. NY’s 529 could help supplement your GI Bill benefits.
As an NY’s 529 account owner, you can:
Complement your GI bill benefits.
You have great benefits, but depending on your military status you may have out of pocket expenses. Pay for fees, books and other expenses the GI bill might not cover. Use the GI Bill® Comparison Tool to see where you may have out of pocket costs.
Enjoy maximum flexibility. Save here. Use anywhere.
You don’t have to live or go to school in New York to use NY’s 529. Your account can also be transferred to a future child, grandchild, or even a spouse.
Let friends and family contribute.
NY’s 529 gives you a smart, easy way to boost your savings. Friends and family can send online contributions for birthdays, holidays and other milestones.
Each Direct Plan account has a unique Ugift code. To find your code, log on to your 529 account and select the Ugift link. You can email your code to friends and family, include it on party invitations, or share it via social media. Learn more about Ugift.
Get tax advantages.
You may be stationed in a state that has different tax benefits than the state where you pay taxes. Specific advantages vary by state, but those advantages are a plus that an ordinary savings account can’t match.*
If you're a New York State taxpayer and an account owner, you may be able to deduct up to $5,000 ($10,000 if you're married/filing jointly) of your Direct Plan contributions each year when you file your state income taxes.** Please consult your tax advisor.
You must make a contribution before the end of a given calendar year for it to be deductible for that calendar year. If you send your contribution by U.S. mail and it's postmarked on or before December 31, we'll treat your contribution as having been made in the year in which it was sent.
Note: There are no federal tax deductions for contributions to a 529 plan.