|
FOR IMMEDIATE RELEASE
TODAY: 5/23/08
Contact: Suzanne Redmond (315) 255-3045
ASSEMBLYMAN FINCH ANNOUNCES NEW LAW
THAT WILL MAKE SAVING FOR COLLEGE EASIER
Assemblyman Gary D.
Finch (R,C - Springport) today announced a new law that will ease
restrictions on the New York College Choice Tuition Savings Program by
allowing relatives, employers and others to contribute to
state-sponsored college savings accounts.
"We must be building for the future and encouraging our
children to pursue higher education," said Finch. "This legislation
will make it much easier for students to pay for their education, and
hopefully will prevent many from having to take out burdensome student
loans."
Contributions to these accounts are tax deductible and
provide a low-cost way to save for college. However, in the past only
the creator of the account was able to make contributions. Since the
program was started, over $57 million has been rejected because the
deposits were made by persons other than the account owner.
There have been many complaints about the inability for
others to contribute to these savings funds, and as a result,
legislation was passed that will allow anyone to make a contribution.
Planning and paying for college has become a huge responsibility for
parents, guardians and future students, and now others, such as
relatives and friends will be able to help.
"Many families have difficulty paying for college and
the prospect of sending a child to college poses a substantial financial
burden," said Finch. "However, in order for young New Yorkers to
compete in the global marketplace, it is essential we do everything we
can to ensure
that they are given the opportunity to attend college."
-30 |
