Rep. Randy Hultgren (D-IL) recently announced his support for H.R. 529, which promotes saving for college by protecting and expanding the 529 college savings plan.
“Saving for your children’s education is important, but daunting for many low- and middle-income parents," he said. "When the average student loan debt is $28,400 and tuition costs continue to increase each year, it’s no wonder nearly 12 million American families have turned to 529 plans to prepare for the education of their children."
Hultgren pointed to studies that indicate college savings accounts encourage children to enroll and graduate from college.
"Let’s keep promoting a ‘culture of saving’ that helps parents plan for their children’s future, and ensure children succeed in education," he said.
H.R. 529 would also allow computers to be included as an education expense, repeal older reporting requirements and permit tax-free investment of refunds from colleges.
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