News & Press Releases
College savings is this season’s hottest gift
ATLANTA—This holiday season, as friends and family ask what gifts they can give your children (or yourself), ask for this season’s hottest gift...a gift that keeps giving — a contribution to a college savings plan.
The state of Georgia’s college savings plan — Path2College 529 Plan — offers gift-giving options that include printable contribution gift certificates, as well as an eGift option where contributions can be made directly to an existing account online.
“These easy tools allow friends and family members to provide a gift of education to children that will help them have access to a more affordable education,” said Caylee Noggle, Interim President of the Georgia Student Finance Commission, which partners with the Office of the State Treasurer to administer the Path2College 529 Plan for the state of Georgia.
Path2College eGift is secure, and no account information is shared with the gift-giver. Parents interested in requesting contributions can create a custom invitation and send it to friends and family to let them know about this gift-giving option. The email contains a link that, when clicked on, takes the family member or friend to a secure web page, where he or she can make an electronic contribution from a checking or savings account. Upon completion of the electronic contribution, the account owner receives an email confirming the gift.
Alternatively, parents, grandparents, relatives and friends may open their own Path2College 529 Plan account for a loved one. Like any other investment account, both the account owner and the beneficiary need to have a social security number or a tax identification number.
Georgia taxpayers who make a contribution to a Path2College 529 Plan are eligible for a state income tax deduction of up to $2,000 for single filers and $4,000 for joint filers, per year, per beneficiary regardless of annual income. (See Disclosure Booklet for complete details.)
For those wishing to contribute to an existing account or open a new account, a “Gift of Education” certificate can be printed and provided to that special someone to show a contribution was made.
To give the gift of education this holiday season, or more information on Georgia’s Path2College 529 Plan, please call 877-424-4377 or visit www.Path2College529.com.
Consider the investment objectives, risks, charges and expenses before investing in the Path2College 529 Plan. To learn more about the Path2College 529 Plan, its investment objectives, tax benefits, risks, and costs please see the Disclosure Booklet at path2college529.com. Read it carefully.
Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors only available for investing in its own 529 plan. Taxpayers should seek advice from an independent tax advisor based on their own particular circumstances. If the funds aren’t used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.
Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. TIAA-CREF Tuition Financing, Inc., Program Manager. TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributor and underwriter for the Path2College 529 Plan.