(NASHVILLE, Tenn.) February 24, 2015 — TNStars College Savings 529 plan, established in a bill sponsored by Senate Education Committee Chairman Dolores Gresham (R-Somerville), has been recognized as the top direct-sold plan in the nation. The top ranking comes from SavingForCollege.org, who analyzes the investment performance figures for thousands of 529 savings plan portfolios across the nation and ranks them from best to worst.
“I am delighted this plan has received national recognition,” said Senator Gresham, who sponsored the bill on behalf of State Treasurer David Lillard. “The plan was designed to give Tennessee families high quality investment options at low cost to help them pay for education and receive tax advantages. It is also aligned with our goal to graduate more students from college by helping them and their parents prepare financially for expenses not covered by scholarships.”
In announcing the award, Treasurer Lillard said, “Tennesseans have a viable investment option to set aside money for their children’s post-secondary education. Dollars invested in TNStars accounts are yielding strong returns. Even small amounts invested early will better prepare your child for education after high school.”
All families who open savings accounts with TNStars can receive up to $375 in incentives. Some families will also qualify for a four-to-one match of up to $1,500 per child. Funds and extra incentives saved in a TNStars account can be used not only for post-secondary education tuition and fees, but also for related expenses including room and board, textbooks and supplies.
Gresham said families of all income levels are served by the plan. Of the new accounts opened from September to December 2014, 15 percent were opened by families making less than $50,000 annually.
Research shows that children with a college savings account are six to seven times more likely to attend a four-year college, compared to children with no dedicated account.
Senator Gresham represents Chester, Decatur, Fayette, Hardeman, Hardin, Haywood, McNairy and Henderson Counties in the Senate. She and her husband Will, both U. S. Marine Corps retired lieutenant colonels, live on their cattle farm in Somerville.