May 29: College Savings Day

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News Release, Texas Comptroller of Public Accounts

With 529 College Savings Day approaching on May 29, Texas Comptroller Glenn Hegar is encouraging families to save for their children’s higher education expenses using the state’s 529 college plans.

“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 even 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.”

Texas offers three tax-advantaged 529 plans: the Texas College Savings Plan^®(TCSP) and the LoneStar 529 Plan^® (LS529), both college savings plans, and the Texas Tuition Promise Fund^® (TTPF), a prepaid college tuition plan. The plans are known as 529 plans because they are authorized by Section 529 of the Internal Revenue Code.

TCSP and LS529 allow families to save for college by investing in one or more portfolios, either by enrolling in TCSP directly or in LS529 through a financial adviser. The college savings plans may be used to pay for qualified education expenses at schools nationwide and even at some foreign schools. The college savings plans are open for enrollment year round.

TTPF helps families 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. TTPF newborn enrollment is available through July 31 to lock in 2022-23 prices for children younger than one year of age; general enrollment begins Sept. 1 to lock in 2023-24 prices. Texas residency requirements apply.

The Texas Prepaid Higher Education Tuition Board administers all three 529 plans through the Comptroller’s office.

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.