Scootchy App To Aid Underserved Children’s To Reach Educational Goals

Sootchy, a mobile and desktop college savings platform, is launching this fall to help millions avoid crushing student debt through the gifting power of family and friends and the tax advantages of 529 college savings plans.  With an enhanced gifting interface, Sootchy is designed to make it easy for underserved families to maximize community and reach their children’s educational and financial goals.

A 529 plan is a tax advantageous option for families to save for their children’s education, and can be used to pay tuition, fees and room and board at colleges, universities and trade schools across the U.S.  For K-12 education, a 529 plan can pay up to $10,000 a year in private school tuition, and current college students or graduates can use 529 accounts to pay up to $10,000 in existing student loans.

Groundbreaking Features and AI Serve Parents and Professional Financial Advisers

Sootchy lets parents set up and manage a 529 account in their state in minutes, on their own and with guided help not available at most 529 plan websites.  As a tax-advantaged educational accounts, the contributions grow tax-free.

An intuitive crowdfunding platform embedded in Sootchy lets parents and an extended network of friends, family and acquaintances contribute to a child’s 529 college savings plan at the touch of a button.  The crowdfunding features allow families and friends to set up paperless ongoing or one-time contributions as gifts for birthdays or graduations or to celebrate achievements.

Artificial intelligence maximizes the savings benefit for families. Over time, Sootchy uses artificial intelligence to suggest new ways friends and family can participate, based on the contributor’s connection to the student and past activity.

For professional financial advisers, Sootchy offers a hassle-free and consolidated platform, removing the middleman to make a 529 savings plan more user-friendly and a must-have product for their clients. The financial adviser portal allows advisers to monitor client activity and provides regular prompts and goal setting for their clients.

Education debt lays a burden on students even after getting an assured job placement. Finance apps are a savior in such scenarios. Panacea Infotech is a leading mobile app development company offering finance apps to make money matters realistic and straightforward.

Source: PR Newswire