Paying for a child’s college education is a dream for many parents. But as the costs of college rise, parents need to make the most of their savings if they want to realize that dream.

One way to optimize your college savings strategy is to tuck the funds into a 529 account.

But with so many different 529 accounts available, it’s difficult to know which option is best. That’s especially true if your child has multiple parties in their life who would like to contribute to their future college education. The Hadley 529 app is one option to consider. We will explore Hadley in detail in this review.

What Is The Hadley 529 App?

The Hadley 529 app is a gifting platform that enables friends, family, and employers to directly contribute to a child’s 529 plan. Hadley was founded by Yosh Miller, who built the company after struggling to find ways to contribute to his niece’s college fund.

What Does It Offer?

Hadley 529 makes it simple for multiple parties to contribute to a single 529 plan.

Streamlined Way To Save For College Costs With Help From Others

Hadley allows you to set up a 529 for your child. Once the account is set up, you can contribute to it regularly. But you can also share your account information with family, friends, and employers, who will have the option of directly contributing to the 529 account.

Parents and other contributors can make one-time contributions or set up recurring contributions. For example, a grandparent might choose to set up a recurring annual contribution on the child’s birthday.

You can facilitate contributions by spreading the word. Once a new contributor joins the platform, you can find them via email or phone number to allow for contributions to the 529 account. Anyone can make their contribution via a bank transfer.

Works With All 529 Plans

Hadley works with 529 plans from all available states, which means that parents who want to save for their child’s college education can do so from any state that offers this program.

If you already have a 529 plan open, you can connect it to Hadley. If you don’t have a 529 plan open, then Hadley can help you find one. The platform sorts through the options available to you to find top-rated plans. Ultimately, you’ll select the 529 plan that works best for your situation.

The platform is available through a public benefit company. According to the company, “Hadley’s specific public benefit is to make education a more accessible and affordable reality for all Americans.”

Easy Management

According to Hadley, it should only take five minutes to set up your 529 account. Once the action is complete, you and others can start contributing to your child’s future educational costs.

Throughout the years you spend saving for the future, you can easily monitor the account through Hadley’s app. A quick look at the app will let you know where you stand. The app offers a snapshot view of how far you’ve come, and your total contributions goal.

Are There Any Fees?

As a public benefit investment advisor, Hadley doesn’t charge any monthly subscription fees or monthly advisor fees. However, the following processing fees apply to contributions:

• $1.49 processing fee for contributions between $0 and $150
• 1% fee for contributions between $150 and $2,000
• $20 fee for contributions over $2,000

How Does The Hadley 529 App Compare?

Hadley 529 isn’t the only platform that promises to simplify the process of saving in a 529.

Backer is another option. It allows multiple parties to easily contribute to a 529 plan, made possible by sharing a link with the potential contributor. Unlike Hadley 529, Backer offers contributors to make contributions via bank transfer, credit card, or debit card. Backer is the closest comparison to Hadley as it also focuses on 529 plans.

If you are looking for a different saving option for your child, Unest streamlines contributions to a UTMA, Uniform Transfer to Minor Account. A UTMA may offer more flexible uses for the funds, which can come in handy if your child doesn’t go to college. Unest gives parents the opportunity to share the contributions page with other interested parties, like family and friends who may want to contribute.

How Do I Open An Account?

You can get started with Hadley 529 by downloading the app. From there, you’ll need to provide some basic information about yourself and your child. If you already have a 529 account, you’ll have an opportunity to link it to the app. If you are starting from scratch, Hadley will present some of your best 529 account options to help you get started.

Is It Safe And Secure?

The company uses security measures, like encryption, to protect your information. The security measures comply with federal laws. If you invest the funds within a 529, there is a risk of loss. As with all investments, some risk is involved.

How Do I Contact Hadley?

You can get in touch with Hadley by emailing [email protected]. You can also submit a question via a form on the company’s website.

While the app is relatively new, it has earned 4.8 out of 5 stars in the Apple App Store. It hasn’t yet earned a rating in the Google Play Store. But the small amount of reviews offer a look into an enjoyable customer experience.

Is It Worth It?

Parents looking for a convenient way to build a college fund for their child can find a lot to like through Hadley 529. As a parent, you’ll be able to seamlessly invest in a compatible 529 plan and easily monitor your progress.

The ability to easily accept contributions from your family, friends, and other interested parties is also key. One downside is that making a contribution comes with a fee. But overall, Hadley 529 seems like a worthwhile option that will suit the needs of some parents.

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