Start Saving for Cost of Higher Education on “529 College Savings Day”
AUSTIN, June 1, 2015 - On May 29, Texas Comptroller Glenn Hegar will join the College Savings Plans Network (CSPN) in celebrating “529 College Savings Day” to increase awareness among Texas families about the importance of saving for their children’s higher education expenses.
Texas offers three 529 Plans: the Texas College Savings 529 Plan® (TCSP), the LoneStar 529 Plan®, and the Texas Tuition Promise Fund® (TTPF), which is a prepaid tuition plan.
The TTPF is designed to help families and individuals prepay and lock-in today’s rates for all or some future tuition and school-wide required fees at any two- or four-year Texas public college or university. The TCSP and Lone Star 529 plans allow families to work toward building college savings by investing in one or more professionally managed portfolios in a tax-advantaged account either directly or through an investment advisor.
“Higher education is one of the best investments one can make,” Hegar said. “I encourage Texas families to take time on 529 College Savings Day to discuss their college savings goals and learn how a 529 college savings plan can help make those goals a reality. It’s also a good day to contribute to an existing 529 plan.”
The Comptroller’s office administers all three 529 plans. TTPF enrollment for newborns is available through July 31 to lock in undergraduate tuition and school-wide required fees at 2014-2015 prices; open enrollment begins Sept. 1 for 2015-16 prices. The LoneStar 529 and TCSP plans are open for enrollment year round.
Learn more about our Texas 529 plans by visiting www.savenowforcollege.org.
“American families of all income levels have found 529 plans to be one of the most compelling ways to plan for the future and reduce their reliance on student loan debt,” said Betty Lochner, Chair of CSPN. “Nationally, assets in 529 plans total more than $247 billion with an average account balance of $20,474. Thousands of Americans have made a commitment to saving for college by starting a 529 plan, and on 529 Day, I encourage state residents to consider joining them.”