Wouldn’t it be great if we didn’t have to rely on student loans to pay for tuition? With recent college grads slowly drowning in a pool of debt, many of them are probably wishing that they had another way to pay for college.
In Indiana, September is a time to save for the future, more specifically, college. Gov. Mitch Daniels declared September “College Savings Month.”
Gov. Daniels wants College Savings Month to be a time for families across the state of Indiana to look to the future and consider the importance of higher education. He also wants parents to recognize the positive influence a college education can have on their children’s future. The state is encouraging parents to look into CollegeChoice 529 Savings Plans.
“It is imperative that we begin preparing for our children’s futures as early as possible. With our CollegeChoice 529 Savings Plans, Hoosier families can begin doing that now,” said State Treasurer Richard Mourdock. “Every dollar saved today is one less a Hoosier family will have to borrow in the future.”
As a way to pay for tuition, CollegeChoice 529 Savings Plans offer a variety of investment options which include low fees, and possible qualification for a Indiana state income tax credit of up to $1,000. Anyone, not just the parents, can contribute to a college savings account on behalf of any beneficiary. In addition to tax benefits and low fees, those who enroll for the savings account can expect flexible investment options and affordable minimum contributions.
A recent study showed that children with school savings accounts are almost four times as likely to go to college than children without a school savings account, and the state of Indiana wants more children to have the odds in their favor.
Mourdock is encouraging Indiana companies to consider providing the college savings plan as a benefit to their employees. He’s asking companies to allow their employees to sign up for the plan during the next open enrollment and have them set aside money with payroll direct deposit.
“Offering CollegeChoice 529 Plans is a great opportunity for Hoosier employees to save for their children’s, grandchildren’s, or even their own career training,” Mourdock said. “It’s good for employees and good for their employers.”
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