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New Options For Hoosier Families Saving For College
Updated May 5, 2013 12:09 AM | Filed under: Network Indiana
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(UNDATED) - There is a new option for Indiana families to save money for college for their kids.

Indiana State Treasurer Richard Murdock says the College Choice CD 529 Savings Plan is a Certificate of Deposit Program that families can purchase and manage through their local bank while receiving the tax benefits that go with a 529 Savings Plan.

Indiana residents who contribute to a Collegechoice CD are eligible for a state income tax credit of 20% up to a $1,000 credit per year.

Earnings grow tax-free and distributions used to pay for qualified education expenses are also tax-free.

A Collegechoice CD can be purchased for a minimum of $250 or an automatic or payroll deduction of $25 or more.

Murdock says the 529 savings accounts are very popular with grandparents who want to gift something meaningful to their grandchildren.

More information about the new CD is available online at

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