Easy Way To Save For College
by State Rep. Cindy Ledbetter (R)-Newburgh
From 2008 to today, in-state tuition for public universities increased by almost 79% nationwide, according to the U.S. News and World Report. As Hoosier families plan for college, many are turning to Indiana’s CollegeChoice 529 Savings Plans to save for tuition and other costs.
As I pursue my doctorate in nursing, I understand the financial stress facing many families. With Indiana’s CollegeChoice 529 plan, I helped pay for college for myself and my daughter and saw an immediate return at tax time. The 529 Savings Plan helps families save for future education expenses like textbooks, computers, tuition and housing. Withdrawals are tax-free and there are a number of investment options to grow your savings.
With these plans, Indiana taxpayers can receive a state income tax credit equal to 20% of their contributions up to $1,000 per year. Legislation I supported this session would increase the credit from $1,000 to $1,500 per year, allowing Hoosiers to save even more. This legislation received unanimous support and soon could be law.
The 529 plans are not just for those pursuing a traditional four-year degree. A change in federal law now allows apprenticeship programs as acceptable expenses with this long-term savings plan.
Hoosiers can set up an account with as little as $10 and it’s never too late to start saving. Even for those already in college, the tax credit helps save money each year. Statewide, Hoosiers saved and invested more than $6.6 billion through this program.
I appreciate the financial help I’ve received on my educational path and hope others can benefit from this program. To join the more than 400,000 Hoosiers with a 529 account, visit collegechoicedirect.com. Â It only takes minutes to sign up and start savingEasy Way To Save For College.
 FOOTNOTE: State Rep. Cindy Ledbetter (R-Newburgh) represents House District 75, which includes portions of Pike, Spencer, and Warrick counties.
