Now Is the Time to Invest in a Path2College 529 Plan
"It's always a good time to invest in education for the future," says Georgia State Treasurer Lynne Riley. Contrary to what one might think, she continues, the recent economic uncertainty due to COVID-19 might actually provide an "opportunity to maximize dollars invested today for greater growth...tomorrow."
Mitch Seabaugh, Executive Director of Georgia's Path2College 529 Plan, says that a dollar saved is one less dollar families will have to use on student loans, adding that “studies have shown that a child that has a college savings plan is seven times more likely to actually go to school.”
Any Georgia resident can open an account plan regardless of their relationship to the child or where the child lives. It can be transferred to a qualifying family member and used widely.
Treasurer Riley says families don’t have to wait years to receive some of the plan’s benefits, “Georgia taxpayers receive a Georgia tax benefit. They receive a deduction off their adjusted gross income in 2020 which is double [that of] prior years.”
With $25 and 15 minutes, you can open an account online, and Executive Director Seabaugh emphasizes, “The sooner you start, the better opportunities you have for the plan to grow.”
To learn more about a 529 plan click here or call the state’s 529 information line at 1-877-424-4377.