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 The Iowa College Savings Plan lets Iowans save for a child’s education without fear of tax when the money’s withdrawn.
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