CollegeBacker Gifts

Kickstart a child's tax-free college fund

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I like CollegeBacker because they've figured out a lower fee option for college plans, and also have discovered a pretty direct way for friends and family to make a big impact on a child's education. The former is always good and the latter has never really been possible before.
Thanks @garrytan! We've been working on this one for a while, so we're extremely excited to get everyone's feedback. CollegeBacker helps parents looking to save for college quickly and easily open the right tax-advantaged investment account, a 529 College Savings Plan, and then encourages them to work with their family and friends to collaboratively fund the account. This new Gifts product lets anyone kick off this process for another family. Let's say your brother or sister just had a kid and you want to give a long-lasting gift like a contribution to the child's college fund. With CollegeBacker Gifts, you can use your credit or debit card to send $25 to $500, which a parent can redeem directly into a newly established 529. This will make you the child's very first CollegeBacker – hopefully the first of many, many more. From then on, you can follow the child's progress toward college and offer additional support and encouragement along the way.
I love CollegeBacker. As an Asian American, we've been able to use CollegeBacker in lieu of "Hong Bao" (red envelopes). It's great to know that the gift given today will help with my daughter Hazel's education in the future.
@hua Absolutely! I remember receiving hong bao as a kid... not sure where the money went though, would have loved to save it for college!
Congrats Abby!
@dandandan Thank you!
Super cool idea. Will give it as a gift to new parents!
Thanks @tom_pryor! If you have any feedback please let us know!