With the high costs of college tuition and the many different types of investment options, it is understandable that many parents feel overwhelmed about how they will pay for their children’s higher education expenses. However, a program offered by the Tennessee Treasury Department can help parents develop strategies for saving the money they will need.
This summer, the department has been hosting a series of workshops at different locations around the state to help educate people about the program. Attendees learn about the benefits of the TNStars 529 College Savings Plan, which offers them a way to save money for college while enjoying certain tax advantages.
Money earned on investments in TNStars is tax-free, provided it is used for qualified higher education expenses.
The TNStars program offers a number of different investment options, ranging from conservative to aggressive. There’s also an age-based option that features more aggressive investments when children are younger that gradually becomes more conservative as they approach college age.
“I hope many people will attend our workshops,” State Treasurer David H. Lillard, Jr. said. “Saving money for college may seem like a daunting task. However, making regular contributions to a college savings account – even if those contributions are fairly small – can make a big difference over time, particularly when you consider the income that can be earned on investments. I would also like to point out that in addition to parents, grandparents, other relatives and friends can open college savings accounts on behalf of a child.”
The remaining workshop schedule is:
· Saturday, July 12 from 10 a.m. until noon in the Hickman Building (Room 123) at Columbia State Community College, 1665 Hampshire Pike in Columbia.
· Saturday, July 19 from 10 a.m. until noon in the Center for Advanced Technology (Room C-30) at Chattanooga State Community College, 4501 Amnicola Highway in Chattanooga.
To register for one of the workshops online, go to: https://tntreasury.wufoo.com/forms/parent-information-session-registration/
One workshop attendee will also receive a free $25 gift certificate selected at random.