New York State Comptroller

College Savings Program

Contact: Brenda F. Smith (bfsmith@osc.state.ny.us)

New York's 529 College Savings Program is designed to help individuals and families save for higher education expenses at public or private colleges and universities, as well as business, trade or other occupational schools in New York, across the country and around the world. New York's 529 is among the best college savings options for New Yorkers, and recent changes have made our 529 Program better than ever, offering you these benefits:

Tax-deferred earnings
Qualified Withdrawals that are exempt from federal and New York State income taxes*A variety of investment options managed by The Vanguard Group® for the Program's Direct Plan
An additional set of investment options offered by Columbia Management Group for the Program's optional Advisor Plan, which can be purchased exclusively through financial advisors

Since this program was launched in September 1998, more than 250,000 accounts have been opened by New Yorkers as well as others around the country.

* Unless extended, federally tax-free treatment of qualified withdrawals will expire after December 31, 2010. Earnings on nonqualified withdrawals are subject to federal income tax and a 10% federal tax penalty, as well as state and local income taxes.

New York's 529 College Savings Program currently includes two separate 529 plans. The Direct Plan is sold directly by the Program. You may also participate in the Advisor Plan, which is sold exclusively through financial advisors and offers investment options that are not available under the Direct Plan. However, the fees and expenses of the Advisor Plan are higher and include financial advisor compensation. Be sure to understand the options available before making an investment decision.

Each of the Direct Plan and the Advisor Plan is described in the current applicable Program Brochure and Tuition Savings Agreement. Accounts are opened by completing an Enrollment Form. All of these should be read carefully before opening an account. None of the State of New York, its agencies, the Federal Deposit Insurance Corporation (FDIC), The Vanguard Group, Inc., Columbia Management Group, Inc. and its affiliates, nor Upromise Investments, Inc. insures accounts or guarantees the principal deposited therein or any investment returns on any account or investment portfolio. The value of your account will vary based on market conditions and the performance of the investment options you select and may be more or less than the amount you deposit. Tax benefits are subject to certain limitations and certain withdrawals are subject to federal, state and local taxes. If you are a resident or taxpayer of another state, you should consider whether that state offers a 529 Plan with tax or other benefits that are not available through this Program. You should consult your tax advisor. Direct Plan investments may be made through Upromise Investments, Inc. and Vanguard Marketing Corporation and Advisor Plan Investments may be made through financial advisors that have entered into Advisor Plan selling agreements with Columbia Funds Distributor, Inc., distributor.



	For New York's 529 College Savings Program Direct Plan, call 1-877-NYSAVES or visit www.nysaves.com For New York's 529 College Savings Program Advisor Plan, contact your financial advisor.