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Families Use $1.5 Billion in Path2College Savings to Pay for Education Expenses
The state of Georgia’s Path2College 529 Plan recently hit another milestone with more than $1.5 Billion used by families to pay for education-related expenses. The Path2College 529 Plan saw over $528 million in contributions from families, a 34 percent increase over the past year. Total plan savings now top $4.6 Billion as of November 30, 2021. The plan also saw a 19 percent increase in new accounts opened, bringing total accounts to almost 208,000.
“This has been a record-breaking year for college savings, and the growth of Georgia’s college savings plan shows us that families are planning for the future,” said Lynne Riley, president of the Georgia Student Finance Commission.
Riley said they expect the plan to finish the year strong, as the end of the year has historically been one of the largest growth times for the Path2College 529 Plan.
“As children receive money for holiday gifts and families are making New Year’s Resolutions to put a financial plan in place, we hope parents and grandparents will research the many savings tools we have available for them and start their saving plan today!” said Riley.
At www.Path2College529.com, families can learn about the state of Georgia’s college savings plan and its tax benefits, utilize a savings calculator to determine how much to save, and start a plan with as little as $25.
For more information about the Path2College 529 Plan or to open a college savings account, please visit www.Path2College529.com or call (877) 424-4377.
To learn more about the Path2College 529 Plan, its investment objectives, tax benefits, risks, and costs please see the Plan Description at path2college529.com. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors only available for investing in its own 529 plan. Consult your legal or tax professional for tax advice. If the funds aren’t used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Path2College 529 Plan.