Pre-Paid Tuition Plan Adds 250th University and Reaches $55 Million in Assets; Centenary College Among Participating Institutions
The following news release is from TIAA-CREF. Centenary College of Louisiana participates with other colleges and universities in Independent 529 pre-paid tuition plan. For more information, go to http://www.tiaa-cref.org.
NEW YORK — TIAA-CREF Tuition Financing Inc., a member of the TIAA-CREF
group of companies, announced today that Independent
"Independent 529 is growing rapidly as more and more parents see it as a way to save for their children's tuition now," said Phillip Rollock, Vice President, Education Savings TIAA-CREF Tuition Financing Inc. "This plan allows parents to lock in tomorrow's tuition rates today and the success of this program shows that they see it as an innovative opportunity to save."
"In the recent weeks, we've added a number of the country's most selective colleges and universities. They are joining a list that already includes many of the country's leading academic and research institutions," said Douglas M. Brown, President and CEO of the Tuition Plan Consortium (TCP). "Reaching these milestones so soon means that both parents and the participating schools really understand the benefit of an Independent 529."
Independent 529 Plan is run by the nonprofit Tuition Plan Consortium and administered by TIAA-CREF Tuition Financing, Inc. Funds saved can be used at any of the 250 participating colleges and universities nationwide, as well as any that join in the future.
In return for the parents' prepaying college costs, member colleges accept the investment risk and protect the parents from future tuition increases. Tuition purchased today is guaranteed to satisfy costs at the time the child enrolls. For example, a parent who purchases a half-year of tuition today, will receive a half year tuition when child later redeems the tuition certificate at a member college. This is true regardless of how much tuition rises or what happens in the investment markets.
Participation in Independent 529 Plan does not guarantee admission to any college or university, nor does it affect the admissions process. Owning a certificate may have an adverse impact on financial aid determinations. The law allowing for federal income tax-free qualified withdrawals is set to expire on December 31, 2010. Congress may or may not extend this law beyond this date. Future changes in the law may create adverse tax consequences, or lead to termination of the Plan. Purchasers should read the Disclosure Booklet, including the Enrollment Agreement, carefully before making purchase decisions. Teachers Personal Investors Services, Inc. and TIAA-CRE Individual and Institutional Services, LLC Distributors. Tuition Plan Consortium, LLC is the program sponsor and TIAA-CREF Tuition Financing, Inc. is the program manager.
TIAA-CREF Tuition Financing Inc. is a member of the TIAA-CREF group of companies. TIAA-CREF is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural fields. With more than $340 billion in combined assets under management (March 2005), TIAA-CREF is ranked one of Fortune magazine's 100 largest U.S. companies (April 2005). Further information can be found at http://www.tiaa-cref.org.
To view a complete list of colleges and universities that participate in Independent 529 Plan, visit http://www.independent529plan.org/colleges/index.html.
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