| October 28, 2003 |
Congresswoman Kay Granger (R – Fort Worth) spoke today on the House floor to recognize the launch of a plan that helps families afford children’s college educations at a school of their choice. The Independent 529 Plan’s (I-529 Plan) launch allows parents or guardians to finance their children’s future education based on the current tuition rates.
The I-529 Plan will increase accessibility for thousands of students to 220 private institutions across the country, including two Texas schools - Texas Christian University in Fort Worth and Southwestern University in Georgetown.
Many states have already established networks of prepaid tuition programs for public colleges and universities within their state, but private institutions have not had their own prepaid tuition plans until now.
Congresswoman Granger introduced legislation two years ago that allowed for the I-529 Plan’s launch. Her bill, which passed in The Economic Growth and Tax Relief Reconciliation of 2001, allowed private schools to form networks that offer prepaid tuition plans.
The cost of private education rises each year to twice the current inflation rate. The result is a staggering price tag that can often sway students’ attendance decisions. Annually, the average college tuition at public school today is over $10,000, while private college tuition is almost $27,000.
"The I-529 Plan gives families choice and affordability in collegiate education. Offering tomorrow’s education at today’s price will create more opportunities for our young people and our private schools," said Granger.