November 26, 2013 | Uncategorized
NEW YORK, September 5, 2013 – To raise awareness of the benefits of state 529 college savings plans and to help one student’s dreams come true, TIAA-CREF today announced the launch of the Big Dreams Start Small $100,000 College Fund Contest.
The winner will receive $100,000 contributed to a state 529 college savings account for their grandchild or child sponsored by TIAA-CREF Tuition Financing, Inc.1 The contest is part of AARP® College Savings Solutions from TIAA-CREF, which aims to educate individuals, particularly grandparents, about the benefits of saving for college.
With the costs of higher education continuing to rise and families facing tighter budgets, saving for college has become an extended family affair, with students increasingly looking not only to their parents, but to their grandparents as well to find the funds to attend college. According to the Financial Research Corp., which tracks contributions to 529 plans, nearly 10 percent of contributions made to state 529 college savings plans are from grandparents, a substantial increase from previous years.2
“Today’s college students are in a much different, and more difficult financial position than any previous generation of students,” said Roger W. Ferguson Jr., president and chief executive officer, TIAA-CREF. “It’s admirable that parents and grandparents today are playing a more active role in helping loved ones fulfill their long-term goals and college dreams, and TIAA-CREF is pleased to provide education and tools to help them make informed decisions along the way.” Read More >>