DES MOINES, Iowa – As another school year winds down, your kids are that much closer to going to college. State Treasurer Michael Fitzgerald says it’s never too early to start saving for your child’s education and now there’s a new tool to help make it a little easier.
Account-holders are able to check their balance, set up payments, and see how their savings compare to others.
“The future education of your children and grandchildren is the most important thing we have,” Fitzgerald said. “To prepare for it, College Savings Iowa answers it and makes it so much easier. And it doesn’t matter where you want to go to school in the United States. If you want to go to a trade school or what have you, College Savings Iowa can help you.”
Since its creation in 1998, College Savings Iowa has grown to $6 billion with 250,000 accounts. Fitzgerald thinks the app will get even more people involved and explains why investing now is so important.
“During the pandemic, people have kept saving and because they realize that a lot of these jobs in the future are technology-driven,” Fitzgerald said. “They need training of some sort or another. You may not need a four-year college degree, but you need technical training of some sort. And that’s why parents and grandparents are continuing to put money into College Savings Iowa.”
College Savings Iowa is a tax advantaged savings program. Fitzgerald lists some of the benefits.
“In Iowa, you can put up to $3,475 in an account this year and deduct it from your Iowa income taxes. And not only that, it will grow tax free from the state of Iowa and the federal government,” Fitzgerald said. “When your child gets ready to go to college, they can go to any college in the United States, or an apprentice program, or you can also now use it for K-12 tuition for a private school.”
If you’d like to sign up for an account, click here.