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Save for school and save on taxes

To pay for your family's education, you could use savings, income or loans — or a combination. While there are downsides to using loans and income, there are advantages to using savings. 

The educational plan offered by our state, KY Saves 529, offers similar advantages to retirement savings accounts. 

Qualified expenses

  • College, trade school and K-12 tuition 
  • College room and board 
  • College fees 
  • Computers for college 
  • Books for college

Advantages of an educational savings plan

Every dollar you save now can potentially be one less dollar you have to borrow and repay with interest later. Making large contributions isn't as important as making regular, consistent contributions.

If your original beneficiary cannot use the funds, you can change beneficiaries to someone else in the family

Your savings:

  • Grow quicker because they’re tax-deferred 
  • Are withdrawn tax-free for qualified educational expenses 
  • Have gift tax and estate tax advantages 
  • Are not counted against need-based student aid  
Adding coins into a piggy bank together

Save automatically with KY Saves 529

You can fund your savings account directly from your UK paycheck, so you can set it and forget it. Making regular contributions makes a big difference, which is why we offer this direct funding option. 

Get started or make changes any time

You can start, stop or change your contributions at any time. 

If you’re getting started for the first time, you’ll first create your account with KY Saves 529 and then go to myUK to set your contributions.

1. Create your savings account

KY Saves 529 is the educational plan offered by our state. You’ll first need to create your account on their website.

Look for your 9-digit KY Saves account number. You’ll need it for the next step.

2. Set your contributions

1. Go to myUK and choose the Employee Self Service tab
2. Click Personal Information option
3. Select Personal Profile
4. In the Bank Information section, choose Other bank, then KY Saves 529 Plan
5. Enter your 9-digit KY Saves account number in the Account Number field, along with the amount you’d like to contribute in the Standard value field.

Frequently asked questions

What exact steps do I take to sign up for the first time?

First, create your account on the KY Saves 529 website.

Then easily assign your contributions in myUK.

In myUK, go to Personal Information:

Then Personal Profile:

In the Bank Information section, choose Other bank then KY Saves 529 Plan (note: You must have a main bank set before you can set up contributions to a KY Saves 529 Plan):

 

The Account Type, Routing Number for KY Saves 529 Plans, and the 566 prefix for your account number is filled automatically. You will need to enter your 9-digit KY Saves account number in the Account Number field, along with the amount you'd like to contribute in the Standard value field. Please watch for extra space that could cause processing errors.

Financial well-being benefits

All employees are eligible to participate in direct deposit into their KY Saves 529 plan.

Contact our office

Monday-Friday from 7:30 a.m. to 5 p.m.
(859) 257-9519 option 3
benefits@email.uky.edu
112 Scovell Hall