ATLANTA, Sept. 20, 2022 /PRNewswire/ — Nationwide, there are nearly 16 million college savings accounts with nearly $458 billion in savings, according to the College Savings Plan Network. In Georgia, families saved nearly $4.5 billion on more than 218,000 under the state’s Path2College 529 plan.
Additionally, families have already used nearly $1.8 billion from the Path2College 529 plan to help with college expenses.
To encourage Georgian families to start the process of financial planning for education beyond high school as early as possible and to continue the momentum of saving for Georgian children, Governor Brian Kemp proclaimed September Savings Month. university.
The proclamation states that “To help bridge the gap with higher education, the State of Georgia has created the Path2College 529 Plan,” which is Georgia’s official college savings plan and the only 529 plan that offers Georgian taxpayers a deduction from their state income. taxes. Additionally, according to the proclamation, “students who enter college with some savings are more likely to graduate with little or no education-related debt and more likely to enter the workforce.” as financially secure professionals”.
These facts, along with the growing value of education beyond high school, prompted Georgia to once again join states across the nation in officially recognizing and promoting the importance of college savings in September.
The state’s Path2College 529 plan provides families with tools, such as savings calculators, risk tolerance information, and savings research at www.Path2College529.com. Families can determine their needs and open an account with as little as $25.
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 a risk of loss of investment. Consult your legal or tax advisor for tax advice.
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