Dear President Obama,
529 college savings plans have helped millions of mostly middle-income families save for college and lower their reliance on student loans. We petition you to keep them tax-free when used to pay for higher education expenses.
College costs have increased at a rate rivaled only by healthcare. According to the Annual Survey of Colleges by The College Board, the public four-year sector experienced a 17% inflation-adjusted increase in tuition and fees over the last ten years. These rising costs are causing more students than ever to resort to loans if they don’t have savings.
We call on you Mr. President to not discourage families from utilizing one of the few tools they have to combat future debt. We should be saving for our children’s future, not taxing it.