FRANKFORT, Ky. (AP) - A state-sponsored college savings plan has surpassed one-hundred (m) million dollars in total assets, which means it has doubled in more than two years.
The Kentucky Higher Education Assistance Authority says the growth of the Kentucky Education Savings Plan Trust can be explained. Officials say it's because it offers tax advantages and does not count against the amount of financial aid a student can receive.
There are no federal or state taxes on the earnings or the withdrawal of the money for a student to go to college.
The authority has announced plans to intensify its marketing so that more families are aware of the state-sponsored, tax-free savings plan. It was created by the General Assembly in 1998.
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