Higher Ed Utah

SALT LAKE CITY, UTAH - The Utah Educational Savings Plan (UESP), Utah’s official nonprofit 529 college savings plan, reached more than $4 billion in assets as families continue to make a commitment to save for the future higher education expenses of their loved ones. A small commitment today to save for the future college costs of a child can make a big impact if that child attains a college degree.

“UESP is a phenomenal program,” says William Sederburg, commissioner of the Utah System of Higher Education. “The Georgetown University Center on Education and the Workforce released a report in 2010 that stated that by the year 2020, 66 percent of jobs will require an education beyond high school and 55 percent at least an associate’s degree. Saving for college has never been more important for families.”

UESP Executive Director Lynne Ward adds, “Helping fund a college education for a loved one is a gift any child will cherish in the future. UESP offers college savers a simple, sound and tax-advantaged way to save.”

UESP now has more than 175,000 accounts. In 2010 the number of UESP accounts increased 13 percent, and assets grew 26 percent. The increases can be attributed to UESP’s commitment to low fees, sensible investment options, quality service and tax benefits available to Utah taxpayers.

About the Utah Educational Savings Plan – UESP, Utah’s official nonprofit 529 plan, is consistently ranked among the nation’s top 529 plans and is highly recommended by Money magazine, CBS MoneyWatch.com and financial expert Clark Howard. These high rankings can be attributed to UESP’s industry innovations, such as an FDIC-insured savings account, a customized allocation investment option and efforts to be the industry’s low-cost leader. For more information about the Utah Educational Savings Plan, visit uesp.org, call UESP at 800.418.2551 or e-mail info@uesp.org.

UESP requires no minimum deposits or balances to open an account, so families can save a little or a lot according to their own schedules. With a user-friendly website, uesp.org, UESP makes it easy to open, manage and contribute to an account online. Earnings on UESP accounts grow tax deferred and are federal and Utah state tax free when used for qualified higher education expenses such as tuition and fees; certain room and board costs; and required books and supplies at any eligible educational institution that participates in federal financial aid programs for students, not just institutions in Utah.