Important Updates Regarding COVID-19/Executive Order
The statewide executive order for empowering a healthy Georgia will extend through November 15. This order affects all Georgia residents and visitors. Review the following: COVID-19 Updates
Path2College (529 Plan)
Offered by the Georgia Higher Education Savings Plan
Start your child on the path to a brighter future.
There are a number of paths to choose from to pay for a child’s education. Choose the right one, and virtually any college dream can be within reach. And college can lead to a brighter future. Even if your child receives a HOPE Scholarship or other forms of financial aid, saving for college now is a key step to avoiding loans and providing flexibility down the road. Thanks to a program offered by the State of Georgia – the Path2College 529 Plan, formerly referred to as the Georgia Higher Education Savings Plan (GHESP) – you have a smart and flexible way to help save for future higher education expenses. With a Path2College 529 Plan account, you don’t pay Georgia or federal taxes on earnings as your account grows. Then, when it’s time to pay for college, the money you withdraw for qualified higher education expenses is also Georgia and federal tax-free. In addition, Georgia offers a state income tax deduction for up to $2,000 in contributions for each beneficiary. With the Path2College 529 Plan, you can choose from seven investment options designed to meet your savings goals. There are no start-up or application fees, no maintenance fees, and no sales charges or broker commissions. You pay only a low annual management fee of less than one-half of a percent.
It’s easy to enroll.
Don’t worry about a big up-front financial commitment. You can open an account for as little as $25 per contribution. And the Path2College 529 Plan offers an Automatic Contribution Plan that drafts your checking or savings account, or you can sign-up for the payroll deduction program and contribute as little as $15 per pay period. Once you start, it’s easy to stay on track! You can obtain enrollment, ACP, and payroll deduction information by contacting the state office of the Path2College 529 Plan at (404) 463-0000 or outside metro-Atlanta at (866) 529-9529 or by email at firstname.lastname@example.org. You can also obtain the necessary payroll forms by visiting the Office of State Treasurer. Click on College Savings Plan Forms and review the Employee Payroll Checklist for New Accounts (if you do not currently have an account), or the Employee Payroll Checklist for Existing Accounts (if you already have an account). Visit Path2College 529 Plan for more information.
Please note: Payroll contributions are made using after-tax dollars; therefore, you are not subject to the limits and restrictions for flexible benefits during the Annual Enrollment period. Your payroll deduction can be started, stopped, increased or decreased at any time during the year by contacting us at the numbers above.