SACRAMENTO, Calif.--(BUSINESS WIRE)--ScholarShare 529, California’s official college savings plan, announced today that the plan has achieved an extraordinary milestone, reaching $13 billion in combined assets under management. The accomplishment is due in part to the increasing number of California families choosing ScholarShare 529 and contributing more money than ever before, a figure which has already surpassed $1 billion in 2021.
ScholarShare 529 ranks among the top college savings plans in the country, offering low fees and 100% tax free growth and portfolio options designed to meet the various needs of California families. These benefits make ScholarShare 529 plans more accessible to more California families, especially those with younger children, who have more time for their money to grow. ScholarShare 529 beneficiaries aged 0-5 currently account for more than 53 percent of new account holders with beneficiaries aged 6-10 following at nearly 20 percent.
“We are delighted to achieve this milestone,” said California State Treasurer Fiona Ma. “We’re thankful that more families than ever have made ScholarShare 529 a part of their college savings plan, and we’re thrilled to see that they’re choosing to do so at an earlier age.”
“The benefits of ScholarShare 529, including affordability and flexibility make it possible for families to save more money for college,” said Julio Martinez, Executive Director of the ScholarShare Investment Board. “We’re excited to continue to see the growth of ScholarShare 529 and see our account holders strive toward achieving their educational journeys.”
ScholarShare 529 offers its accountholders an array of contribution methods, including UGift a free, easy and secure way for friends and family to make contributions. Ugift is an increasingly popular way for family and friends to contribute to colleges savings accounts. This year alone, ScholarShare 529 saw a 129 percent rise in gift transactions as well as a 112 percent rise in gift contributions over the previous year.
For more information about ScholarShare 529, visit www.ScholarShare529.com.
About ScholarShare 529
ScholarShare 529 serves as California’s official college savings plan. Administered by the ScholarShare Investment Board, ScholarShare 529 provides families with a valuable tool that offers a diverse set of investment options, tax-deferred growth, and withdrawals free from state and federal taxes when used for qualified higher education expenses, such as tuition and fees, books, certain room and board costs, computer equipment, and other required supplies. ScholarShare 529 manages over $13 billion in plan assets across more than 369,000 ScholarShare 529 accounts as of 11/8/21.
To open a ScholarShare 529 account or get more information about the plan, visit www.ScholarShare529.com. For information about the ScholarShare Investment Board, visit www.treasurer.ca.gov/scholarshare, like ScholarShare 529 on Facebook at www.facebook.com/scholarshare529, and follow them on Twitter at @ScholarShare529.