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You Don’t Need to Have a Finance Degree to Save for College
Saving for college can feel overwhelming. But if you want an approachable option to meet your financial goals, 529 college savings plans are designed to do the work for you — no finance degree needed. Thanks to a 529 plan’s diverse investment options, you can select the savings strategy that makes the most sense for your family.
Investment options for a 529 plan are built to suit your family’s savings goals, risk tolerance, time horizon, and level of familiarity with investing in mutual funds. For instance, the Bright Start 529 College Savings Plan offers diverse investment options including Age-Based, Target, and Individual Fund Portfolios.
Age-Based Portfolios automatically adjust from more aggressive investment allocations when the beneficiary is younger to more conservative investment allocations as the beneficiary gets older (adjusted automatically as your student approaches college age). There are three investment styles to choose from: conservative, moderate, and aggressive. You also have the flexibility to select an Index Strategy with Vanguard funds or a Multi-Firm Strategy with multiple fund families.
In contrast to the Age-Based Portfolios, Target Portfolios remain constant over time, allowing account owners to select a fixed-asset allocation for their account. Bright Start offers six different Target Portfolios, each with a different percentage of the funds invested in equities (stocks) or fixed income (bonds and cash), allowing families to choose an investment mix that suits their needs and risk tolerance.
For investors wanting a more hands-on approach, Bright Start offers 17 Individual Fund Portfolios. You can select any combination of these funds to design a portfolio that meets your needs, risk tolerance, and investment style. The Individual Fund Portfolios include US and international stock indices, US and international bond indices, real estate funds, Money Market funds, and an FDIC-insured bank savings option.
No matter which investment option you choose, your 529 college savings plan is going to immediately start working for you. The longer your money is invested with Bright Start, the more potential your contributions and any potential investment earnings have to add up. With a Bright Start account that helps you save on a regular schedule over time, you can build funds for your beneficiary’s future. All you have to do is take the first step toward saving.
Take the risk tolerance questionnaire to learn more about which investment option may be right for you at here.
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