Wrap Up 2023 with an Investment in the Future: Create a College Savings Plan for a Student

published December 18, 2023

ATLANTA – In place of traditional New Year’s resolutions, families are encouraged to start the new year strong with an investment in the future. Many families across Georgia choose to create a 529 Path2College Plan Savings account in December. Last year, more than 20,000 new accounts were opened, and more than $590,000 million was contributed to Path2College savings accounts.

"We hope that families will continue to use the end of the year and the beginning of the new one as an opportunity to plan for the future. The Path2College website makes it simple for families to create and enhance their savings goals," said Lynne Riley, president of the Georgia Student Finance Commission.

Georgia taxpayers may invest in the Path2College 529 Plan for themselves, children, siblings, grandchildren, and friends. While the 529 Plan is intended primarily as a savings and investment vehicle for college expenses, these funds may be used for K-12 tuition, apprenticeship expenses, and payment of qualified education loans.

In certain cases, the contributor may receive state tax benefits. For contributions made to a Path2College 529 Plan account by April 15, 2024, Georgia taxpayers may be eligible for a 2023 state income tax deduction up to $8,000 per beneficiary for those filing a joint return and up to $4,000 per beneficiary for those filing a single return. Path2College is the only 529 plan to offer a Georgia state income tax deduction.

Contributions to the Path2College 529 Plan may be made for as little as $25, and the plan is available for both children and adults. The state of Georgia’s Path2College 529 Plan is designed to be user-friendly, providing families with an easy and tax-advantaged way to save. Families may customize a savings plan to fit their needs, with multiple ways to contribute and options to set up automatic contributions into a Path2College account.

For more information about the Path2College 529 Plan or to open a college savings account, please visit www.Path2College529.com or call (877) 424-4377.

To learn more about Georgia's Path2College 529 Plan, its investment objectives, risks, charges and expenses please see the Plan Description at path2college529.com. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Path2College 529 Plan.