College-Saving Plan Use Should Expand Beyond Wealthy, U.S. Says

Source: bloomberg.com Posted By: Gigi D...5339 days ago

U.S. college-savings plans mostly benefit wealthy families, the Treasury Department said in a report that recommended steps to attract more middle-class participants.

Only 5 percent of middle-income Americans use savings plans such as so-called Section 529 accounts, Treasury Secretary Timothy Geithner said today in a speech at Syracuse University in Syracuse, New York. Almost 60 percent of families with college savings accounts fall into the 90th income percentile or higher, according to the....

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