IDeal eases college saving efforts

Students can now use IDeal fund to purchase computers; beginning in April, IDeal will implement lower fees as part of a wide-ranging program relaunch.

IDeal, Idaho’s 529 College Saving Program, has announced big changes to the program. IDeal will “reboot” the program to keep up with the way technology and Idaho’s families have changed in the 14 years since IDeal launched. The program reboot includes lowered fees for account owners. Starting April 15th, total annual asset-based fees for the plan will be reduced from 0.69 percent to 0.51 percent ($5.10 per $1,000 invested). The savings portfolio will remain at 0.34 percent. IDeal has no commissions, loads, or sales charges.

“Thanks to the many Idahoans who have invested in IDeal 529 College Savings plans, the plan was able to reduce fees and implement new tools for families,” Christine Stoll, IDeal executive director, said. “We’re excited about the potential this has to support greater college access for Idahoans and help our state reach its 60 percent go-on goal.”

The announcement comes on the heels of a bill passed in December by Congress allowing 529 plan holders to use plan funds to pay for computers (including tablets), peripheral equipment, and related services for the beneficiary while enrolled at an eligible educational institution.

The following is a list of other recent and upcoming elements of the plan reboot:

n IDeal is making it possible for organizations to offer matching grant contributions through the plan.

n Current and potential account owners can now have their calls serviced in Spanish when they call the IDeal customer service line.

n Beginning May 16th, IDeal’s three Age-Based investment options will be expanded to include additional steps as the beneficiary approaches college age. The changes will provide a more gradual approach to reducing the equity exposure in accounts as investment allocations become more conservative.

n IDeal’s website has been updated to include a calculator aimed at helping families estimate how much they should save, a calendar featuring scheduled presentations, information for employers and advisors, and a mobile-compatible interface.