Interest Grows in Statewide College Savings Plan

In Kapolei and other communities across our state, we are seeing a significant increase in response to the state-sponsored program designed to help Hawai‘i families save for their children's college education.

The program, known as HI529, currently holds an estimated $41.1 million in 3,646 accounts, according to the state Department of Budget and Finance. Those figures have risen since 2006, when the program held $38.5 million in 3,373 accounts.

The increase can be attributed to recent improvements to the program, which has reduced its annual administrative fee and expanded its menu of investment options for Kapolei parents and grandparents worried about the rising cost of college.

The improvements follow the hiring in December 2007 of Upromise Investments, Inc. to manage Hawai'i's college savings program, which allows families in the region to save for their children's college education and later withdraw the money free of federal tax for qualified expenses such as tuition and books. The growing interest in the program coincides with a national focus during September on the importance of saving for college.

This program is about helping to make going to college a possibility for all students in Hawai‘i by reducing the financial burden placed on families looking to provide their children with a college education. The rising cost of college has brought into focus the importance of this program to our families and our future.

The program, named after the section of the federal tax code that created it in the mid-1990s, provides tax benefits to anyone saving for college tuition, usually for their children.

For more information about HI529, Hawai‘i's college savings program, call toll free 1-866-529-3343 or visit www.hi529.com to obtain a disclosure statement.

Lt. Governor Aiona is a resident of Kapolei

---

Social Bookmarks:

Comments (0)

Subscribe to this comment's feed

Name

Email

Website

Title

Comment

smaller | bigger

Subscribe via email (Registered users only)

I have read and agree to the Terms of Usage.

Write the displayed characters

Add Comment