More Hoosier parents are investing in their children’s future. State Treasurer Richard Mourdock announced Wednesday that CollegeChoice 529 Savings Plans surpassed the $2 billion mark.
With college students graduating with an average of nearly $28,000 in debt each year, the program is designed to help parents budget for college.
Students can use the tax-free money for qualified educational expenses like tuition, fees and books.
It’s something that also benefits parents and grandparents. Residents can receive up to $1,000 in tax credits each year.