(LINCOLN, Neb. September 20, 2023) – Governor Jim Pillen is calling attention to the importance of saving for a loved one’s future education by issuing a proclamation recognizing September as College Savings Month in Nebraska. Through this proclamation, parents and guardians are reminded of the value of saving.
The State of Nebraska understands the challenges that parents, grandparents, caregivers, and legal guardians face when trying to support loved ones’ future education. By acknowledging September as College Savings Month and facilitating access to post-secondary education, the State is encouraging children to soar toward their dreams.
In conjunction with College Savings Month, we hope that parents and guardians will take this opportunity to sit down with their loved ones to discuss how a 529 education savings plan can help them reach their goals.
Higher education costs continue to rise above the rate of inflation1 and extend beyond just tuition and board to include books, laptops and institution fees. Scholarships and grants can only help cover some of those expenses. According to the non-profit, College Board, in 2022-23, the average yearly costs2 of higher education tuition and fees for a full-time student are as follows:
- Public two year: $3,860
- Public four year in-state: $10,940
- Public four year out-of-state: $28,240
- Private nonprofit four year: $39,400
A NEST 529 Plan is a tax-advantaged account for higher education expenses. NEST 529 Education Savings Plans can be used for everything from four-year universities to two-year technical schools. Opening a NEST 529 account doesn’t require a minimum deposit to get started, and contributions can be managed online. Account Owners in Nebraska may be eligible for an annual state income tax deduction of up to $10,000 for NEST 529 contributions or $5,000 if married filing separately.3 Plus, any earnings growtax-free, and qualified withdrawals may be free from federal and state income tax.4
Parents and guardians may not know what their child’s future has in store, but a little planning today goes a long way toward their success. Plans allow families to start investing in their child’s future so they can soar toward their goals. Visit NEST529.com to read more about the benefits of a NEST 529 Education Savings Plan.
The Nebraska State Treasurer serves as the Program Trustee. All investments, including the portfolio structure offered through the NEST 529 program, are vetted and approved by the Nebraska Investment Council.