Texas Comptroller Glenn Hegar
(AUSTIN) — Today is 529 College Savings Day, and Texas Comptroller Glenn Hegar is encouraging families to save for their children’s higher education expenses using the state’s 529 college plans.
“Putting money away for your children’s college funds while paying everyday expenses can be difficult for families, as there are so many competing needs. That rings true for me,” said Hegar, who shared his views about the importance of these plans in the latest issue of Fiscal Notes. “Before having children, my wife and I made a commitment to start each of them with a 529 college savings plan when they were born. We had three kids, so we started small. The key is, we started.”
Texas offers three tax-advantaged 529 plans: the Texas College Savings Plan® (TCSP) and the LoneStar 529 Plan® (LS529), both college savings plans, and the Texas Tuition Promise Fund® (TTPF), a prepaid college tuition plan. The plans are known as 529 plans because they are authorized by Section 529 of the Internal Revenue Code.
TCSP and LS529 allow families to save for college by investing in one or more portfolios, either by enrolling in TCSP directly or in LS529 through a financial adviser. The college savings plans may be used to pay for qualified education expenses at schools nationwide and even at some foreign schools. The college savings plans are open for enrollment year round.
TTPF helps families lock in today’s rates for all or some future undergraduate resident tuition and schoolwide required fees at any two- or four-year Texas public college or university, excluding medical and dental schools. TTPF newborn enrollment is available through July 31 to lock in 2023-24 prices for children younger than 1 year of age; general enrollment begins on Sept. 1, with new contract prices for the 2024-25 academic year. Texas residency requirements apply.
The Texas Prepaid Higher Education Tuition Board administers all three 529 plans through the Comptroller’s office.
For more information about the Texas 529 plans, visit SaveNowForCollege.com or call 800-445-GRAD (4723). Select Option 3 for the Texas College Savings Plan, Option 4 for the LoneStar 529 Plan or Option 5 for the Texas Tuition Promise Fund.
