Treasurer Smith Encourages Families to Dance into Education Savings
DES MOINES – State Treasurer Roby Smith is using prom season to remind Iowans about the importance of saving for higher education. “The average teen spends about $1,000 on prom. That’s comparable to how much a postsecondary student will spend on textbooks and supplies for one year,” said Smith. “While many high school students are coordinating their outfits and dinner plans, I encourage families to start coordinating how they will pay for higher education. The good news is College Savings Iowa can help!”
College Savings Iowa is a tax-advantaged 529 plan and allows anyone to save for education on behalf of a future scholar. “Whether you have a newborn or a high-schooler, it’s never too early or too late to start saving,” continued Smith. “Let College Savings Iowa help you prepare for the dance of a lifetime, and support them at apprenticeship programs, trade schools, colleges and universities.”
Qualified withdrawals from an account can be used to pay for tuition, room and board, books and supplies at any eligible education institution in the U.S. and abroad. College Savings Iowa offers a variety of tax incentives, including tax-deferred earnings and a $3,785 Iowa income tax deduction in 2023 per beneficiary account. “The memories they make at prom will last a lifetime,” concluded Smith. “But so will their appreciation for you when you help them save for higher education. Visit CollegeSavingsIowa.com to get started today.”
To learn more about the Plan, visit CollegeSavingsIowa.com or call (888) 672-9116. Connect with College Savings Iowa on Facebook and Twitter to stay informed on current events and updates. For additional details about the Plan, read the Program Description.