MONTGOMERY-Alabama State Treasurer Kay Ivey reminded Alabamians today that a college savings plan makes a great gift for a child in your life during this holiday season. The Treasurer's Office offers two college savings programs - the Prepaid Affordable College Tuition (PACT) Plan and the Alabama Higher Education 529 Fund.
"A college education is a gift that keeps on giving," Ivey stated. "College graduates have more earning potential than high school graduates. They are more likely to vote, be engaged in community civic activities, and have health insurance. The gift of a college education is not only a present for a child, it's an investment in our state's future."
Earlier this year, the PACT Program unveiled a new one-year contract option to make it more affordable for parents and grandparents to save. The one-year contract is currently being offered along with the existing four-year contract through the enrollment period which ends December 31.
Additionally, the Higher Education 529 Fund recently unveiled six new investment choices and reduced fees on many of the program's investment options. Accounts can be opened for as little as $25 a month, or an initial contribution of $250.
"You don't have to get up at 5 a.m. to stand in line to save for college," Ivey noted. "Simply call my office or visit the Treasury website from the comfort of your own home and give your child a gift that is probably not on their wish list, but one they will thank you for later."