State plan good way to save for college - WALB.com, Albany News, Weather, Sports

State plan good way to save for college

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January 9, 2004
Albany- Governor Perdue is already saving for his grandchildren's higher education, and he wants you to do the same.

Georgia's Higher Education Savings Plan, or 529 plan, started last year. It's a tax free way to save up to $2,000 a year to send your kids to college. You won't have to pay tax on the interest or when you take the money out for college.

Investment experts say it's the best way to save for education.

"You get a lot of money in a child's name, even they are going to have tax consequences when they start pulling it out or selling things or getting interest," said Victor Sullivan, vice president of investments with A.G. Edwards & Sons in Albany.

"And so, only with a 529 plan, only with the plan we're talking about here, will they say tax free."

If you have a child who chooses not to go to college, you can use the money for another child or save it for a grandchild. Georgia parents have already saved more than $1 million.

posted at 10:20 p.m. by brannon.stewart@walb.com