An IDeal, Idaho’s 529 College Savings Program report found that Idaho residents have more money in IDeal college savings accounts than they did last year, and that kids received more money as gifts in their college savings accounts than they did in any year prior.
The findings are part of a new report, “State of College Savings in Idaho,” released by IDeal to shed light on how Idaho families are preparing for the costs of higher education, and to offer suggestions as to how Idaho leaders and families can help more families take advantage of Idaho’s program.
IDeal offers tax-advantaged savings and investment plans. Money saved through an IDeal account can be used at K-12 public, private and religious schools, and all higher education institutions that participate in student aid programs administered by the U.S. Department of Education.
The report data revealed:
- Idahoans have nearly $10 million more in IDeal college savings accounts than they did this time last year, an increase that can be attributed in great part to market performance and conditions of the savers’ investment plans.
- Over the past year, Idahoans opened more than 4,500 new college savings accounts, an increase of almost a thousand compared to the number of accounts opened the year prior.
- People gifted more than $1.4 million to Southwest Idahoans’ college savings accounts, an increase of 47 percent (or nearly 500,000 dollars) over the year prior.
- Southwest Idahoans opened 2,983 new college savings accounts over the past year, an increase of almost 500 over the number of new accounts opened the year prior.
- Southwest Idaho families have $9.2 million more in their IDeal college savings accounts than they did a year prior.
“Widespread reliance on student loans cannot be the status quo if we wish to sustain the work being done across our state right now to improve college-going rates,” said Christine Stoll, the executive director of IDeal.