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NYS Comptroller

THOMAS P. DiNAPOLI

News

From the Office of the New York State Comptroller

Thomas P. DiNapoli

May 27, 2016, Contact: Press Office (518) 474-4015

New York's 529 College Savings Program Delivers $287 Million
to College Students Since January

New York’s 529 College Saving Program has helped New York students and families pay for more than $287 million in college-related expenses this year, New York State Comptroller Thomas P. DiNapoli said today in recognition of 529 College Savings Day to be celebrated on Sunday, May 29.

“With the cost of college on the rise, it’s a great time to consider opening a 529 College Savings account for your child,” DiNapoli said. “For just as little as $25, you can begin laying the foundation to turn childhood dreams into adulthood reality.”

New York’s 529 College Savings Program, designed to help parents save for college, is tax-advantaged and has been available since 1997. The program is overseen by DiNapoli’s office and the New York State Higher Education Services Corporation. Qualified expenses under the program now include eligible computer-related expenses in addition to tuition, fees, room and board for students enrolled at least half time, books and supplies.

There are more than 911,000 college savings accounts, including 724,737 Direct Plan accounts, which can be opened by anyone with a contribution of $25, and 185,866 Advisor Plan accounts, which require a financial advisor and have higher fees and expenses.

New York is one of 33 states offering a state tax deduction for contributions to accounts by account owners who are residents. Individuals who are account owners can deduct up to $5,000 from their state taxable income, while married couples filing jointly can deduct up to $10,000 each year.

New York’s 529 College Savings Program has been recognized as one of the best in the nation by savingforcollege.com. For more information about the program, click here or http://www.osc.state.ny.us/college/index.htm.

Read the Direct Plan disclosure booklet or go to: http://cdn.unite529.com/jcdn/files/NYD/pdfs/DisclosureBooklet.pdf.

Albany Phone: (518) 474-4015 Fax: (518) 473-8940
NYC Phone: (212) 383-1388 Fax: (212) 681-7677
Internet: www.osc.state.ny.us
E-Mail: press@osc.state.ny.us