KY Saves 529, Kentucky’s official education savings plan, is urging Kentuckians to observe 529 Day by starting a savings account for as little as $25, according to the Kentucky Higher Education Assistance Authority (KHEAA).
“529 Day is celebrated each May 29 to remind families of the importance of saving for children’s education expenses,” Gov. Andy Beshear said. “Using KY Saves 529, families can save for costs associated with college, trade school and K—12 education. Another benefit is that withdrawals made for qualified educational expenses are exempt from state and federal taxes.”
Qualified educational expenses include:
• Tuition
• Room and board
• Fees
• Computers and laptops
• Books
• Tools and other supplies required by a student’s program
• Qualified Apprenticeship programs
Section 529 of the federal tax code covers education savings plans and gives its name to such plans.
KHEAA is the state agency that administers the KY Saves 529 program. For more information, visit www.kysaves.com.
In addition, KHEAA administers the merit-based Kentucky Educational Excellence Scholarship (KEES) program, as well as need-based grants and other programs to help students pay their higher education expenses. Kentucky Lottery funds pay for many of those programs. For more information about Kentucky scholarships and grants, visit kheaa.com; write KHEAA at PO Box 798, Frankfort, KY 40602; or call 800-928-8926.
KHEAA’s sister agency, the Kentucky Higher Education Student Loan Corporation (KHESLC), is the Kentucky not-for-profit agency committed to offering students/borrowers with the lowest possible cost assistance in achieving their higher education dreams by offering the Advantage Education Loan program. For more information, visit www.advantageeducationloan.com.
Kentucky Higher Education Assistance Authority