It's "College Savings Month" in Georgia - WALB.com, Albany News, Weather, Sports

It's "College Savings Month" in Georgia

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September 12, 2006

Albany- The state wants parents to get an early start on saving for college, so Gov. Sonny Perdue declared September "College Savings Month."

The state is promoting the Georgia Higher Education Savings Plan.  You can set up a savings account that allows for tax-free withdrawals for qualified education expenses such as tuition, books, room, and board. "First of all, the government doesn't say 'tax-free' very often. They don't say were going to let you put money into something and let it grow tax free. So when they do, you really need to listen," said financial advisor Vic Sullivan. 

Account owners also qualify for a state income tax deduction. So far, 70,000 Georgians have opened accounts and invested more than $400 million.  Financial advisors recommend you look into the plan with an advisor befre you make a decision.

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