Good news for New Yorkers who want to save money for their children's, grandchildren's or even their own, higher education. It's called the New York State College Choice Tuition Savings Program.
Under this program, parents, grandparents, aunts, uncles or even students themselves can contribute cash to accounts that receive favorable tax treatment at both the state and federal level. The program is jointly implemented by the New York State comptroller and the Higher Education Services Corporation and will be managed by the Teachers Insurance and Annuity Association of America. Some details:
- A Tuition Savings Account ("Account") may be opened for a designated beneficiary with a minimum $250 investment. However, if the Account owner opts to make periodic payments by payroll deduction or automatic deduction from a bank account, and Account can be opened with as little as $25. There's no fee to open an Account.
