Georgia Families Surpass $2 Billion Spent on Education Through Path2College 529 Plan Savings
Friday, June 2nd, 2023
As states across the nation recently recognized the importance of saving for college with the celebration of May 29 – or "529 Day" – to acknowledge each state's 529 college savings plan, families in the state of Georgia reached a college savings and spending milestone this month. The state's Path2College 529 Plan officially distributed more than $2 billion for education-related expenses to families who have saved in the plan.
The Path2College 529 Plan has seen record growth in recent years.
"As of April 2023, the Plan has more than 227,000 accounts and more than $4.76 billion in savings," said Georgia Student Finance Commission President Lynne Riley.
Reaching the $2 billion milestone in qualified distributions means families have invested in K-12 and higher education expenses such as tuition, fees, room and board, computers and books.
"Georgia's Path2College 529 Plan has empowered families to save for college and education expenses with certain tax advantages," said Riley. An advantage of saving for education through the Path2College 529 Plan is that contributors may deduct up to $8,000 per year per beneficiary for joint filers ($4,000 for single filers) from their Georgia state income taxes on contributions made to the Plan. Any earnings on contributions grow deferred from federal and Georgia state tax.
"Saving regularly over time makes a significant impact and helps build a strong financial foundation. I encourage parents and grandparents to explore the Path2College 529 website and learn more about the advantages of saving," said Riley.
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.