Nashville, TN – Easter is a time when children look forward to chocolate eggs. But there’s another gift that people can give to children, grandchildren or other young friends and relatives this holiday season. And, unlike the chocolate that often disappears before dinner, this gift can last a lifetime.
“While it’s great to give children candy eggs to celebrate Easter, I also encourage Tennesseans to consider starting college savings nest eggs for their loved ones,” State Treasurer David H. Lillard, Jr. said. “One great way to do that is through the Treasury Department’s TNStars College Savings 529 Program. Setting up an account is easy – in fact, it can be done online – and there are tax benefits for those who do.”Money can be invested in TNStars in a variety of investment options, ranging from conservative to aggressive.
The program also offers an age-based option.
The earnings on the money invested can be withdrawn tax-free, provided the withdrawal is used for qualified higher education expenses.
For a limited time, people who open TNStars accounts can qualify for special incentives:
- TNStars will provide matching funds up to $100.00 for people who open accounts by June 30th.
- People who transfer their entire account balances from other college savings funds to TNStars are eligible for another $100.00.
- People who set up regular automatic contributions to TNStars from checking or savings accounts get a $50.00 bonus.
- Parents who save $100.00 before a child’s first birthday are eligible for another $100.00 bonus.
- And parents with children under age 1 can get $25.00 just for completing an interactive guide to learn about saving for college on the TNStars website.
“It’s best to start saving money early for a child’s college education,” Treasurer Lillard said. “Once the account is opened, making regular periodic contributions to a college savings account can make a big difference over time. And these incentives offered by TNStars add to the savings that parents, grandparents, other relatives or friends contribute to their accounts.”
To learn more about TNStars, visit www.tnstars.com [1] or call 1.855.386.7827.