NY College Savings Program
New York State is offering a flexible new program specifically for saving for college. Implemented jointly by the State Comptroller and the New York Higher Education Services Corporation, the New York State College Savings Program is designed to help make the cost of college education more affordable.
The Program allows you to contribute a certain amount of money each pay period, or as often as you like into a trust fund whose assets will be invested in funds managed by Teachers Advisors, Inc., a subsidiary of TIAA, a part of TIAA-CREF. The program permits individuals who are participating to receive tax-favored treatment. If you open an Account in the Program contributions up to $5,000 per year are deductible in computing your New York State taxable income, and all earnings on withdrawals for qualified higher education expenses are exempt from State income taxes. Earnings in your Account will also grow free of federal taxes until you withdraw them to pay for qualified higher education expenses.
It is easy to sign up for New York's College Savings Program:
- You open an account
- Your contributions are invested
- Your get an immediate tax benefit
- You use the money to pay for college
For More Information:
Call toll free 1 877-NYSAVES (1 877-697-2837) or visit their Web site at: www.nysaves.org.