College Savings Plan Gets Simpler in New York State

College Savings Plan Gets Simpler in New York State

By CATHERINE BILKEY, Special to the Sun
June 16, 2008

Like many college graduates, Judith Le, 24, is in debt.

"Considering I'm about to go to law school and then enter the nonprofit sector, I have no idea how I'm going to pay it all off," Ms. Le, who graduated from New York University owing $30,000, said. "By the time I'm all done with school, I'll have six figures worth of debt."
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A scene from the Columbia University commencement ceremony on May 21 at the school's Morningside Heights campus.

Now New York State is seeking to alleviate the lingering costs of higher education. A new law, signed by Governor Paterson last month, allows more people to contribute to college savings plans.

In the past, only the account holder, usually a parent, in the state's 529 College Savings Program could deposit funds. Under the new law, relatives, employers, and friends can chip in.

Read full article @ [The New York Sun].