College Savings Plans

• Rural Montana Saves — This program allows families receiving cash assistance (Temporary Assistance to Needy Families – TANF) at any time in the past two years to boost their savings for college tuition or employment-focused training. They may earn a 6-to-1 match on family savings in an Individual Development Account. Participants are required to deposit at least $20 a month into their development account for at least six months. Additional program benefits include personal financial counseling, money management training and employment counseling. For more information, call (800) 546-1140 or email dawnc@reomontana.org.
• Educational IRAs (Section 529 Savings Plans) — These are state-sponsored college savings plans, the earnings of which are free of federal income tax if the money is later used to pay qualified college expenses. For more information, visit www.collegesavings.org.