clock menu more-arrow no yes

Filed under:

Letter: Save for higher ed

Despite rising college costs, American families continue to believe college is an investment in a child’s future.

With more than 12 million accounts open nationwide, 529 college savings plans have proven to be a successful way for families to make that investment. These plans offer tax advantages and can be used toward qualified expenses at colleges, eligible technical schools or even graduate schools. By mid-2014, total investments by American families in 529 plans reached $244 billion, according to the College Savings Plans Network. Utah’s 529 plan manages more than $8 billion in assets in more than 277,000 accounts.

Because American families consider saving for college a priority, Congress is working to ensure these vital savings vehicles remain as versatile as possible.

Reps. Lynn Jenkins, R-Kan., and Ron Kind, D-Wis., have introduced HR529, which would make computers a qualified expense, simplify paperwork and allow parents to return a college refund to an account tax-free within 60 days. These are common-sense measures that help families save for college.

No one should be denied access to higher education because they cannot afford it. The improvements in this federal bill will help put a college degree within reach for more youth.

Lynne Ward

Salt Lake City