SALT LAKE CITY – Families are taking advantage of the Utah Educational Savings Plan, which reached a milestone of $5 billion in assets under management this month.
The fund helps families put money aside for their children’s college educations.
No minimum deposits or balances are required to open an account, according to a press release. Families can save as much or as little as their circumstances allow.
Earnings in the accounts are tax-deferred and exempt from federal and Utah state income taxes when used for qualified higher education expenses such as tuition, fees, certain room and board costs and required books and supplies.
“Making a commitment to save can have a large impact on a student’s success,” said David Buhler, commissioner of Utah Systems of Higher Education. “It is critical to plan now for their future.”
More information is available at uesp.org.