Higher Education: a Small Percentage of Families Save in 529 Plans |
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| Author:
| Government Accountability Office, Government Accountability |
| ISBN: | 978-1-4935-2064-0 |
| Publication Date: | Oct 2013 |
| Publisher: | CreateSpace Independent Publishing Platform
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| Book Format: | Paperback |
| List Price: | USD $15.90 |
Book Description:
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Paying for college is becoming more challenging, partly because of rising tuition rates. A college savings plan can be an option to help meet these costs. To encourage families to save for college, earnings from 529 plans-named after section 529 of the Internal Revenue Code-grow tax-deferred and are exempt from federal income tax when they are used for qualified higher education expenses. In fiscal year 2011, the Department of the Treasury estimated these plans represented $1.6 billion...
More DescriptionPaying for college is becoming more challenging, partly because of rising tuition rates. A college savings plan can be an option to help meet these costs. To encourage families to save for college, earnings from 529 plans-named after section 529 of the Internal Revenue Code-grow tax-deferred and are exempt from federal income tax when they are used for qualified higher education expenses. In fiscal year 2011, the Department of the Treasury estimated these plans represented $1.6 billion in forgone federal revenue. Managed by states, over one hundred 529 plan options were available to families nationwide as of July 2012.