Finance and Administration Cabinet
Gov. Beshear proclaims September as College Savings Month

FOR IMMEDIATE RELEASE

Gov. Beshear proclaims September as College Savings Month

FRANKFORT, Ky. (Sept. 1, 2010) — Gov. Steve Beshear has proclaimed September as College Savings Month in Kentucky.

“Saving for college is important for all Kentucky families,” Gov. Beshear said. “It’s never too early or too late to start. College Savings Month is a good way to remind Kentuckians of the importance of obtaining a college education. An educated workforce helps the Commonwealth attract businesses that make life better for all of us.”

Eastern Kentucky University will host a proclamation ceremony at 10 a.m. Tuesday, Sept. 7, in the Keen Johnson Building.  Jonathan Miller, secretary of the Finance and Administration Cabinet, will represent Gov. Beshear.

“Never before has access to higher education been more important for the individual and for our state,” said Sec. Miller.  “Kentucky continues to make progress in providing tools and resources to help families plan for the costs associated with college enrollment.”   

Dr. Janna Vice, EKU’s provost and vice president for academic affairs, will explain how students at the university are taking advantage of the Kentucky Education Savings Plan Trust (KESPT), the state’s 529 college savings plan. Families of students using KESPT funds will also speak.

Kentuckians can find information about the Kentucky Education Savings Plan Trust (KESPT), the state’s 529 college savings plan, and other online college planning resources at Gotocollege.ky.gov. Gotocollege.ky.gov was created late last year as the result of a recommendation of the Governor’s Higher Education Work Group, which was chaired by Sec. Miller. Other successes of the Work Group include improvements in the transfer of community college students to four-year universities and commencement this month of a statewide summit on higher education institutional productivity and efficiency.

KESPT is administered by the Kentucky Higher Education Assistance Authority (KHEAA) and managed by TIAA-CREF Tuition Financing Inc.

KESPT program administrator David Lawhorn said that accounts can be started for as little as $25, Payroll deduction contributions can be as small as $15.

The trust offers several investment options, and any earnings used to pay for higher education are tax free at both the state and federal levels.

For more information about KESPT, call 1-877-KY-TRUST or visit www.kysaves.com.

To learn how to plan and prepare for higher education, go to www.gotocollege.ky.gov. For more information about Kentucky scholarships and grants, visit www.kheaa.com; write KHEAA, P.O. Box 798, Frankfort, KY 40602-0798; or call (800) 928-8926, ext. 6-7372.

 
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