As if spending your student loan money (that you have no plans to pay back) on a spring break vacation wasn’t great enough already, California legislators have an even better deal for you.
The Children’s Savings Account Program created by Assembly Bill 34 aims to increase the number of young people who attend college. Starting Jan. 1, 2018, all of the roughly 500,000 children born in California each year would have a 529 tuition savings account opened in their name, with an initial contribution from the state. More free money for spring break!
Under the proposal, the state would give more money to the children of families with adjusted gross income of less than $75,000. The state also would match the contributions of those families. Philanthropic foundations and other groups also could give to the accounts.
Read the whole story in the Sacramento Bee