Start-up offers a new way to save for college
By Lynne Marsala Basche
Castle Rock mom, Desiree Shank, was in the midst of planning her daughter’s birthday party and knew she did not need 25 gifts from guests. Shank thought that what she really needed was for friends and family to give the gift of education. From that musing grew Future College Fund.
Future College Fund’s concept is simple. Instead of giving toys or clothes as gifts, friends and family contribute money to a child’s education. “Being a single mom, I wondered not only how I could build my children’s college funds but, naturally, how could I give my family and friends the opportunity to help,” said Shank.
To get started, parents create campaigns for each child. Campaigns are free to set up and can include pictures and personalized information about the child. Once the campaign is created, it is verified and available to the public within 24 hours. A custom link is generated and can be distributed on invitations, announcements, social media pages and e-mails.
When setting up a campaign, parents choose the type of bank account and/or institution they prefer, such as a 529 plan. When a contribution is made, the money is deposited into the campaign owner’s PayPal account, and they are notified via e-mail. The campaign owner then transfers the donations into the designated account. Future College Fund automatically deducts a 2% fee from each donation. There is a minimal PayPal fee if the donation is not specified as a gift.
Future College Fund is easy, flexible and offers complete parental control. At any time, parents can log into their account, update their page, and monitor growth. Parents can get creative and develop targeted campaigns for graduations, special occasions and even Mother’s Day to generate interest. The possibilities for campaign growth are limitless courtesy of Shank solving a problem and filling a need.
To learn more about Future College Fund, visit www.futurecollegefund.com.