Here's another good reason to save for college: The university your child attends might match your savings dollar for dollar.
One college just announced it is matching thousands of dollars in tuition payments made from a qualified 529 account.
Washington College, in Maryland, will match up to $2,500 in tuition, CNBC reports. Sheila Bair, president of Washington College, said it's not clear yet how many students will benefit from the match, which is being deemed the Saver Scholarship. The first scholarships will be awarded during the next academic year, based on tuition payments made this year. Students qualify once they're in their sophomore years.
Bair told CNBC the college hopes the program will encourage families to save in 529 accounts. Mark Kantrowitz, vice president of strategy for Cappex.com, told CNBC this is the first tuition match of its kind.
Some states, including Colorado, Kansas, and New Jersey "offer grants or match savings based on family contributions into 529 plan," CNBC writes.