AUSTIN, Texas (KAMR/KCIT) — Texas Comptroller Glenn Hegar reminds families to save money for their children’s higher education with the state’s 529 College plan on “529 College Savings Day,” on May 29.
According to a release from the office of Hegar, the state offers three tax-advantaged plans that are authorized by Section 529 of the Internal Revenue Code.
Three 529 plans offered by the state include:
- The Texas College Savings Plan (TCSP), a college savings plan
- The LoneStar 529 Plan (LS529), a college savings plan
- The Texas Tuition Promise Fund (TTPF), a prepaid college tuition plan
The release details that TCSP and LS529 are both college savings plans that allow families to save for college by investing in one or more portfolios through TCSP directly or with a financial advisor using the LS529 plan. Officials said the college saving plans are open for enrollment and can be used to pay for qualified education expenses at schools nationwide and some foreign schools.
“As we come to the end of another school year, all of us with school-age children are reminded just how fast the time flies,” Hegar said. “It’s also a reminder that now is the perfect time to start saving for college by opening a 529 account or contributing to an existing plan. Families will find that when it comes to planning for their children’s future education, starting early is key and every little bit adds up.”
Officials said the TTPF allows families to lock in today’s rates for all or some future undergraduate resident tuition and schoolwide required fees at any two- or four-year Texas public college or university, excluding medical and dental institutions. The release states that for children younger than one-year-old, newborn enrollment is available through July 31 to lock in prices for 2022-2023. Officials said general enrollment starts on Sept.1 to lock in prices for 2023-2024. Officials said you must be a state resident to apply.
According to the release, all three 529 plans are administered by the Texas Prepaid Higher Education Tuition Board through the Comptroller’s office.
For more information regarding the 529 plans visit, the Save Now For College website.
For more information about the Texas 529 plans, visit SaveNowForCollege.com or call 800-445-GRAD (4723). Select Option 3 for the Texas College Savings Plan, Option 4 for the LoneStar 529 Plan or Option 5 for the Texas Tuition Promise Fund.