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Brown Works To Expand College Savings Accounts That Students And Families Use To Cover College Costs

Press Release

Date: April 29, 2015
Location: Washington, DC
Issues: Finance and Banking Higher Education

As high school seniors across Ohio prepare for their freshman year of college, U.S. Sen. Sherrod Brown (D-OH) is working to expand savings accounts that help middle class families save for college.

"Earning a degree is crucial in today's economy," said Brown. "High costs should never hold students back from pursuing their dream to go to college. College savings plans like 529s are critical tools for middle class families planning ahead. Improving them will help more students pay for higher education and have the necessary resources to succeed in school."

College savings accounts, known as 529 plans, allow families and students to save for college without having to pay taxes on the account's earnings. However, some expenses associated with a college education -- like computer equipment -- are not counted as eligible expenses for tax-free distribution. Today, Brown and the Senate Finance Committee passed legislation through committee that would expand and modernize 529 plans to meet students' needs.


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