(EMAILWIRE.COM, December 06, 2002 ) College costs continue to climb, with tuition outpacing inflation in the past decade. But state-sponsored savings programs can ease some of the burden. With the New Year coming up, deadlines are fast approaching in some states to make contributions that qualify for a state tax deduction -- saving you money!

The savings programs -- known as 529 plans -- offer tax-advantaged investments for education. They have attracted millions of people because of their long-term growth potential and tax advantages.

The 529 can be used to pay for tuition and other expenses at nearly all colleges and universities in the country. And once a child is ready for college, the money can be withdrawn and used for education expenses free of federal income taxes. Several states also do not tax earnings on qualified withdrawals, while others even provide an annual state income tax deduction!

Since some states have a deadline of December 31st for making contributions that qualify for a tax deduction, families with college-bound children must act soon. To find out more about your state's 529 plan, visit www.collegesavings.org.

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Produced for TIAA-CREF

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Jim Tolve, 212-916-5580

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