Last week in the Senate, I introduced the Boost Saving for College Act. This bill will help families save more in “529” college savings plans. Over the years, I have worked to pass legislation to deal with the crisis in student loans. But the solution to this problem can’t just be about making loans more affordable; we also need to help American families financially prepare for the cost of a college education by making it easier for them to save early.
As many North Carolina families know, a 529 plan is an account that lets you save money for college in a tax-free way, just like you can in a Roth IRA for retirement. My bipartisan bill will make 529 accounts a much more attractive option for families, especially young families who are just starting out and dreaming of one day sending their child to college.
College savings accounts are incredibly popular because they are a smart way for families to save for a child’s future. In the past few years, I have advocated for making college more affordable, including getting legislation signed into law that has saved student loan borrowers $36 billion. The Boost Act is a common sense bill that will enable families to save even more for college so that they don’t have to rely so much on debt to get a college education.