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You are here: Home / Education / Legislature won’t add fees to college savings plan

Legislature won’t add fees to college savings plan

March 23, 2000 By admin

Republican legislators have ditched plans to charge new fees to Iowans who invest money for a child’s education in the “Iowa College Savings Plan.” The investments are handled by the state treasurer’s office, and to date, there’s 33-million dollars invested for 10-thousand Iowa kids. Representative Keith Weigel, a democrat from New Hampton, says it was a matter of the legislature keeping its word that the program wouldn’t charge fees.It costs the state about 400-thousand dollars to manage the 33-million dollars in investments. Weigel says a well-known financial magazine recently rated the 23 states which administer special college savings funds, and Iowa received an A-plus in part due to its lack of fees.Without comment, Republican members of the House voted to abandon their fee-raising plan. The Iowa College Savings Plan lets Iowans save for a child’s education without fear of tax when the money’s withdrawn.

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Filed Under: Education Tagged With: Legislature

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