College Savings Plan Gets Smarter

Law Change Allows NY 529 Plan to Welcome Contributions from Friends, Family


By Lori Pizzani

June 16, 2008

Friends and family members of New York college-bound students can now make contributions to a student's 529 college savings plan, thanks to a change in New York State law that mirrors similar programs in other states. With $8.3 billion in assets, New York's 529 plan has bragging rights to having the largest direct-sold channel with $7.1 billion across 500,000 accounts as of May 2008. Its companion advisor-sold plan channel has additional assets of $1.2 billion and 100,000 accounts. With combined assets, New York is overall the fourth largest college savings plan in the nation.

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