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March 7, 2019

Alabama State Treasury Joins Effort to Address Student Debt

Alabama Treasurer John McMillan is joining a 27-state effort to address the student debt problem in a national campaign launching March 4. The aim of the campaign, dubbed “For Their Future Movement” and led by the 529 College Savings Plans Network, is to limit college debt and increase awareness of 529 college savings plans.

“More than 44 million Americans have student debt that eats away at paychecks, limits opportunities and leads them to put off buying homes and having children,” said National 529 Campaign Chairman Young Boozer III. “On March 4 we start our march forth, joining together to set our kids and grandkids on a better path with 529s.”

Alabama’s 529 college savings program, CollegeCounts, offers tax advantages for Alabama residents. Savings grow free from federal and state income tax, and withdrawals remain tax-free when they are used for qualified education-related expenses. The plan requires no minimum contribution and allows for family members and friends to make contributions to the account as well. Since its inception in 2005, the Alabama program has grown to over 92,000 accounts.

“We hope that through this national campaign, we can bring awareness that our CollegeCounts program can aid in preventing student debt,” explained Alabama Treasurer John McMillan. “Citizens recognize and associate a 401(k) plan as a savings program for retirement. We hope that Alabamians will soon hear ‘529’ and immediately think ‘college savings’.”

The national campaigns message will be amplified throughout 2019 and into 2020 under an agreement with Fred Rogers Productions, the company founded by Mister Rogers. The campaign’s spots will air before and after episodes of Daniel Tiger’s Neighborhood.

For more information or to sign up for Alabama’s CollegeCounts program, visit  www.collegecounts529.com or call 334-242-7514.

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