Assemblyman Gary D. Finch (R,C – Springport) today announced a new law that will ease restrictions on the New York College Choice Tuition Savings Program by allowing relatives, employers and others to contribute to state-sponsored college savings accounts.
“We must be building for the future and encouraging our children to pursue higher education,” said Finch. “This legislation will make it much easier for students to pay for their education, and, hopefully, will prevent many from having to take out burdensome student loans.”
Contributions to these accounts are tax deductible and provide a low-cost way to save for college. However, in the past, only the creator of the account was able to make contributions. Since the program was started, over $57 million has been rejected because the deposits were made by persons other than the account owner.
There have been many complaints about the inability for others to contribute to these savings funds, and, as a result, legislation was passed that will allow anyone to make a contribution. Planning and paying for college has become a huge responsibility for parents, guardians and future students, and now others, such as relatives and friends, will be able to help.
“Many families have difficulty paying for college and the prospect of sending a child to college poses a substantial financial burden,” said Finch. “However, in order for young New Yorkers to compete in the global marketplace, it is essential we do everything we can to ensure that they are given the opportunity to attend college.”