College is expensive, but the CollegeBacker app is making it easier for parents to save smartly for their children's futures.
CollegeBacker makes use of an unfortunately underutilized financial tool in the US: the 529 College Savings Plan. The 529 is a government-supported savings account that allows people to invest money towards college tax-free, removing future student debt for children.
With CollegeBacker, parents can easily open and contribute to their children's 529 accounts. Since the minimum contribution to open an account is just $25, the app is accessible for people in any income range.
The CollegeBacker app also allows other contributors to add money to the account. This means that grandparents can contribute as well, or parents can ask for donations during their children's birthday parties, for example.