TIAA-CREF and AARP have teamed up to provide AARP members with comprehensive education and information on college savings plans. Through AARP College Savings Solutions from TIAA-CREF, AARP members can learn about the benefits of these plans and get more information about the various 529 plans available to them.
"Saving for college has become a family affair, and parents and grandparents alike can play a vital role in helping students attend – and thrive – at their preferred college or university. However, with only 30 percent of parents using 529 accounts to save for college, many families are missing out on a fantastic opportunity to invest in their children's future," said Roger Ferguson, Jr., president and chief executive officer of TIAA-CREF. "We feel privileged to work with AARP and help its members support the educational needs of their loved ones, so they can begin their adult lives with a strong foundation."
AARP members will have access to a customized, comprehensive website to help them better understand how college savings plans work and the many tax benefits these plans may afford most families. It also provides objective information about 529 plans, including the state-sponsored 529 plans managed by TIAA-CREF.
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Studies show that people who use 529 college savings plans are more successful college savers than those without 529 plans. The College Savings Foundation's 2012 parent survey found that 22 percent of 529 owners have saved between $10,001 and $25,000, while only 9 percent of non-529 account owners have saved a similar amount. Likewise, 18 percent of 529 owners reported saving between $25,001 and $50,000. Only 4 percent of non-529 account owners managed to save as much. Overall, parents who have not opened a 529 plan are the least effective college savers – nearly half have no college savings.
With outstanding student loan debt totaling $956 billion across the country, TIAA-CREF is dedicated to helping Americans successfully save for college and manage their finances wisely.
TIAA-CREF is one of the largest and longest-tenured 529 program managers in the country, offering low-cost, high-value, direct-sold 529 programs since 1998.
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