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Gov. Beshear Proclaims September as College Savings Month
By Crystal Staley/Scottie Ellis
Frankfort, KY - On Tuesday, September 6, 2022, Gov. Andy Beshear declared September "College Savings Month" as he was joined by students, parents, legislators, education advocates and leaders of the Kentucky Higher Education Assistance Authority (KHEAA). College Savings Month is a nationwide effort by the College Savings Plan Network (CSPN) encouraging families to save for educational expenses.
"As Governor, I will always put education first, and that includes helping families learn about opportunities to save more for college," Gov. Beshear said. "KY Saves 529 accounts make sure parents can put more of their hard-earned paychecks toward higher education for their kids, providing special tax benefits for those expenses."
Kentucky offers its citizens a 529 college savings program, KY Saves 529, formally known as the Kentucky Educational Savings Plan Trust. The 529 designation refers to special tax benefits under Section 529 of the Internal Revenue Code, including exemption of earnings from federal taxes. Earnings are also exempt from Kentucky income taxes.
"When it comes to our children, the days may be long, but the years are short," KHEAA Interim Executive Director Diana Barber said. "We encourage all Kentuckians to take advantage of the state-sponsored 529 plan now to make their dreams a reality."
"I'm glad my parents are helping me save for college," said Brayleigh Nolan, a 4th grader from Frankfort whose parents are KY Saves 529 account owners. "So no matter what I decide to do when I grow up, I know I'll be able to do it."
The program is administered by KHEAA, the state agency that administers the Kentucky Educational Excellence Scholarship (KEES), need-based grants and other programs to help students pay for their higher education expenses. For more information about Kentucky scholarships and grants, visit kheaa.com; write KHEAA at P.O. Box 798, Frankfort, KY 40602; or call 800-928-8926.
For more information about KY Saves 529, call 877-598-7878, or visit www.kysaves.com.
This story was posted on 2022-09-06 21:41:02
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