• Beth & Tim Manners

CollegeBacker: An App for Your App

Yahoo Finance: "Saving for college could start on your phone. Higher education firm CollegeBacker, which helps students and families save for school, has developed a new mobile app that lets parents set up 529 college savings accounts. CollegeBacker: College Savings guides users through the process of creating a tax-free investment fund, letting them seamlessly link their bank accounts for one-time or automatic contributions, and allowing them to track the progress of their nest eggs. CollegeBacker said users save 43 percent more than traditional savers through gifts."

"The app also gives investing advice: 'Answer a few simple questions and CollegeBacker will help you choose the college savings plan investment option right for your child,' the description reads. "We only recommend a low-cost, highly-rated 529 plan and will help you choose a portfolio that automatically reduces risk as your child ages.' The rate of return on 529s depend on factors like where you live and the type of account you open but could hit around 7 percent annually and grow interest in the background."

"Another feature: no fees. The app makes money through voluntary tips instead of through the mandatory monthly fees that some other apps employ. Apps like CollegeBacker are becoming a big draw as college costs continue to rise. One year at a four-year college averaged $19,800 in 2018 and could nearly double by 2036. The outstanding student loan debt in the United States: more than $1.5 trillion."

12 views0 comments

Recent Posts

See All

The Best Essays ...

“The best essays are the ones where we don’t just want to admit the student, we want to take them out for coffee once they’re here. We’re not admitting academic machines—we’re admitting classmates and

Four Sources of Tuition Inflation

Manhattan Institute: "Tuition inflation has been extensively examined. These studies neglect to deal with this question: Why has pressure from the market failed to mitigate these effects, as would nor

Williams Cuts Tuition by 15 Percent

Bloomberg: "Williams College, the richest liberal arts school in the U.S., is reducing its cost by 15% for families on a one-time basis for the coming academic year and canceling sports competition an

© 2020 by The Manners Group.

  • Black Facebook Icon
  • Black Twitter Icon