Benefits Information

Kids grow fast, so do college costs. Whether you’re thinking about saving for college, graduate studies, trade or technical school – for your child, yourself, or someone else - New York’s 529 College Savings Program Direct Plan can help.

The New York’s 529 College Savings Program is an extraordinary opportunity to help make college more affordable as well as save on taxes. Below are a few highlights of the program:

• you can save by convenient payroll deduction; for as little as $15 per pay period, you can start saving now;
• you can set up an account for anyone: spouse, partner, children, grandchildren, nieces, nephews, even yourself;
• open and manage your account online;
• funds can be used at any accredited undergraduate, graduate, or professional institution of higher education, or at an approved business, trade, technical or other occupational school;
• funds can be used for tuition, room, board, books, even a computer if it is required equipment;
• Contributions are deductible on your New York State tax return: up to $5000 for single filers, $10,000 if married filing jointly;
• Qualified withdrawals will be tax-free (both NY State and Federal);
• Investment management by The Vanguard offering a range of investment options, including conservative, moderate, and aggressive portfolios;
• Free additional savings from Upromise based on qualified spending at hundreds of participating companies

If you want more details or want to enroll and can’t make it to the workshop, check out their website at ny529atwork.com or call a program representative toll-free at 1-877-NYSAVES (1-877-697-2837) from 8 a.m. to 9 p.m. weekdays (TTY users, please use NYS Relay).

Are you planning for upcoming college costs? If so, then you probably want to know more about the financial aid process. Join us for this workshop.

Verna Hazen, RIT's Assistant Vice President for Financial Aid and Scholarships, will answer common questions such as:

• Where can I find free, reputable information on money for college?
• How do we search for scholarships?
• How do we apply for financial aid? How do I know if we'll qualify?
• I know we won't qualify for "need-based" aid. What are some other options?
• What are 529 plans and how do they affect financial aid eligibility?

This session is intended for parents of high school students, but all are welcome to attend.

Confused by the various RIT education benefits?  Not sure which benefit to use or how to apply for it? 

Judy DeCourcey, RIT Human Resources, will review all of RIT’s Education Benefits including, Tuition Assistance, Tuition Waiver, Tuition Exchange, and Tuition Scholarship.  In addition, Ed Lincoln, RIT Enrollment Management, who is RIT’s Tuition Exchange Liaison Officer, will provide more details about the Tuition Exchange program.

To see details about the various plans, you can refer to the HR website here.