CollegeBacker Review: The Best College Savings Plan You’re Not Using 

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You want the best for your children, and an important part of that means helping to provide an education. Setting aside college funds isn’t easy, but you don’t have to go it alone. Thanks to CollegeBacker, you can set up a savings program that you, friends and family can all build together.

CollegeBacker is devoted to helping parents organize a 529 College Savings Plan, a specialized account that builds over time. Using aggressive investment strategies at first to build a foundation, the plan gradually grows more conservative to create a solid account that your child can use towards any educational expenses, tax-free.

Investing isn’t the true beauty of this system. With the help of a personalized web page, your child can receive additional donations to the fund from family and friends. This interactive system lets those close to you see how your child’s account is growing and can contribute for birthdays, holidays or graduations.

The program allows you to send updates based on student progress and also quick reminders of upcoming special events. Because anyone can open a 529 plan for a child, you can even create an account for a nephew, grandchild or friend of the family, making it a perfect gift for a newborn.

Preparing your children for college is a daunting task that you don’t need to take on by yourself. Get your team of loved ones ready to save for the future. Contact CollegeBacker to learn more about college saving plans today! Or read on to learn more in our full CollegeBacker review.


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What is CollegeBacker?

collegebacker

Planning for your child’s education is not as easy as it used to be. There was a time when applying to scholarships was simple, and steady work at a part-time job would make up the difference. As tuition rises, parents need to take other methods into account. That’s where CollegeBacker comes in. It’s a company devoted to helping families and friends prepare a future for their children’s education.

Better Than Savings

As with every major investment, it pays to start putting college funds aside early. The drawback to traditional methods, like saving or checking accounts, is a low interest rate that just isn’t profitable in the long run. CollegeBacker chooses a different route by helping parents or relatives open a 529 plan.

These plans are specifically designed for college saving and feature aggressive investments to maximize return. As the students get closer to university age, their portfolio becomes more and more conservative, creating a stable financial platform that can be used to bolster tuition, books and other necessities, all tax-free.

It Takes a Village

Another benefit goes beyond simple investing. Parents who set up a 529 College Savings Plan can make deposits on a monthly basis while simultaneously creating a community to help build the investment through the years. This lets others contribute to costly tuition in several ways:

  • College help with long-term value, instead of expensive gifts that are quickly outgrown
  • A personal web page that displays your child’s progress
  • Alerts based around special events like birthdays and graduations
  • Recurring contributions can be scheduled by aunts, uncles, grandparents, and friends as well

By working as a team, your child’s friends and family can stay involved and help to greatly reduce the burden of college when it’s time for further education.

How It Works

CollegeBacker makes setting up a 529 plan easy. Any citizen can create an account on behalf of a child, making it a perfect gift for a newborn. These plans are usually set up by a financial advisor, but they charge fees that this system avoids. Getting started is easy, and you’ll be saving for your child’s future in no time.

  1. Choose your monthly contribution. You can open an account with as little as $1 and give as much as you can afford on a regular basis.
  2. Invite family and friends to participate. As you embark on your journey, everyone close to you has the opportunity to be part of your child’s future.
  3. Let CollegeBacker handle the investing. For a fee from $0–$10, you can get an investment strategy tailored to your children that develops and grows as they do.

Through your child’s personal website, you can easily watch everyone’s investment grow. In addition, a portion of fees paid is put back into schools, helping low-income families get the education everyone deserves.

All For One

Setting aside college funds shouldn’t be difficult, and neither should helping the children you care about prepare for their future. Whether it’s for a son, granddaughter, niece or friend, give support when it’s needed most. Contact CollegeBacker today and get started on building a child’s future.

CollegeBacker

0.00
9.3

Commissions & Fees

9.5/10

Customer Service

9.0/10

Ease of Use

9.8/10

Savings Options

8.9/10

Pros

  • CollegeBacker doesn't charge any service fees, but you'll have the option to pay up to $10 per month
  • You can open an account with CollegeBacker with as little as $25
  • The company also aims to make the entire 529 account process easier, as 529 accounts are known to be generally convoluted and difficult to fill-out and start.

Cons

  • CollegeBacker’s website notes that customers can pay $0-$10 per month to support CollegeBacker and their product. It’s a pay-what-you-can type system.
Brian Meiggs
Brian is the chief editor of SavingWiki and is a personal finance expert who has spent the last few years writing about how Millennials can make smarter money moves. He has been fortunate enough to have appeared in several online publications, including Yahoo! Finance, NASDAQ, MSN Money, AOL, Discover Bank, GOBankingRates, and more. He is also diversifying his portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in hands off real estate investing via an app called Fundrise.

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