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Last updated on Wednesday, July 11, 2018
(INDIANAPOLIS) - Treasurer of State Kelly Mitchell today announced assets in the state’s tax-advantaged CollegeChoice 529 education savings program have exceeded $4.5 billion, an increase of more than $1.6 billion during her tenure in office.
As a result of the milestone, Direct and Advisor Plan participants will benefit from a reduction to program management fees, saving them more than $3.3 million over the next five years.
"The widespread use of CollegeChoice 529 confirms our Plans are more attractive and affordable than ever before," Treasurer Mitchell said. "I look forward to enhancing Indiana's 529 program further, so it can continue to support whatever educational goals Hoosiers wish to pursue."
Nearly $20 million of five-year fee savings have been extended to CollegeChoice 529 participants since June 2015, with additional reductions slated at future asset milestones.
CollegeChoice 529 Plan accounts enable their owners and gift contributors to save for a beneficiary's education at any eligible school. The accounts grow tax-free as long as the money is withdrawn to pay for qualified higher education expenses like tuition, room and board, books, computers and fees, or up to $10,000 of K-12 tuition expenses each year.
Indiana taxpayers may also be eligible for an annual state income tax credit of up to 20 percent of contributions to their accounts, worth up to $1,000 each year.
Since Treasurer Mitchell assumed office in November 2014, more than 145,000 new CollegeChoice 529 accounts have been established.
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