Press Release (ePRNews.com) - DRESHER, Pa. - Jul 11, 2017 - Ascensus, a technology-enabled solutions provider that helps more than 7 million Americans save for the future, has reached a new milestone of four million funded 529 college savings plan accounts administered.
Ascensus currently partners with 18 states and the District of Columbia to administer a total of 34 529 plans across the nation. As college tuition costs and related expenses continue to rise, more families are opting to make a long-term savings plan.
“Our firm has serviced the college savings industry for over 15 years, and we’ve seen significant growth as more Americans look for a way to invest for their children’s future education,” states Jeff Howkins, president of Ascensus’ college savings division. “We are extremely excited to now support over 4 million savers on our platform and continue to explore ways we can make saving for college simple and affordable.”
This growth extends beyond simply the number of people saving. More savers contributing over time has resulted in a notable jump in the average account balance on the Ascensus platform. As of 2016 year end account owners had an overall average of nearly $22,000 saved versus an average of just $17,000 in 2012.1
“529 plans allow parents, family members, and friends to make meaningful contributions throughout a child’s life. Every bit saved can help to make the financial responsibility of college more manageable,” Howkins added.
Visit HowToSaveForCollege.com for more information on 529 plans.
1 Ascensus College Savings platform, as of December 31, 2016.
Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare—through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports approximately 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. As of March 31, 2017, Ascensus had over $151 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.
Before investing in any 529 plan, you should consider whether your or the designated beneficiary’s home state offers a 529 plan that provides its taxpayers with state tax and other benefits that are only available through the home state’s 529 plan. You also should consult your financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state’s 529 plan(s), or any other 529 plan, to learn more about those plans’ features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.
Investment objectives, risks, charges, expenses, and other important information such as specific benefits, limitations, rules and guidance are included in a 529 plan’s offering statement; read and consider it carefully before investing.
When you invest in a 529 plan you are purchasing municipal securities whose value will vary with market conditions. Investment returns will vary depending upon the performance of the portfolios in the 529 plan you choose. Depending on market conditions, you could lose all or a portion of your money by investing in a 529 plan. Account owners assume all investment risks as well as responsibility for any federal and state tax consequences. Carefully read any disclosure statements and detailed information relative to your investment goals or needs, or consult with a tax advisor for their specific tax applications or consequences. Source :