529 Plans May Benefit From Pork Package

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Forgive me if I don’t sound too excited by the passage of the poorly name stimulus package. The bill has enough pork in it to marry a pig, never mind the rush job Congress did to make sure that the president signed this legislation into law even before the promised 48 hour review period had expired.

But, there appears to be a handful of good things in the bill that may benefit families, especially those who are saving money toward college. According to the College Savings Plans Network or CSPN, the bill contains a significant enhancement toward 529 college savings plans.

“Given the increasing technological needs of today’s students, it makes sense for computers to be allowed as a qualified expense under Section 529 plans. The reality is that any student who does not have a computer will find it increasingly difficult to succeed in college and will find their skills compromised as they enter the workforce,” said Jackie Williams, executive director of the Ohio Tuition Trust Authority, and Immediate Past Chair and spokesperson for CSPN. “We applaud the President, Senator Max Baucus, Chairman of the Senate Finance Committee, and the Congress for continuing to provide leadership on education issues by working to improve Section 529 plans to help American families save and use these important plans for their children’s higher education expenses.”

Having a personal computer purchase included in the provision of a 529 plan may not sound like a lot, but it could allow families to opt for a more robust unit given the change in the program. Choosing a personal computer with all of the bells and whistles included makes sense and it could easily be something that will last them through their college years and beyond.

Now if we can only get Congress and the president to see the errors of their own spending ways we may have an economy that will be salvageable!

Adv. — Don’t let the recession get you down! SayRecession.com offers the tools you need to keep your head above water during difficult economic times. Be proactive and check out our tools on how you can pay off your mortgage early and to build up emergency funds to help see you through a crisis.

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Categories: Finance