It’s going to cost Iowans a little more to set money aside for their kids’ college education.State Treasurer Michael Fitzgerald says the state will soon start charging fees to service the accounts in the two-year old “College Savings Iowa” program. C-S-I allows Iowans to invest up to two thousand dollars per child each year for the kid’s education. C-S-I has been rated as one of the best programs in the nation by some financial experts. Fitzgerald says he wanted to keep the program free, but the Iowa Legislature thought otherwise. The legislature cut the appropriation to run the program in half so it can transition to a fee schedule.Fitzgerald says the program has been popular with over 15-thousand participants investing almost 40-million dollars.Fitzgerald says the fees amount to five dollars per one thousand dollars invested, which is still small compared to other programs. And he says you still get a tax break for the program.Fitzgerald says it takes about 400-thousand dollars to service the program.
Iowa's Radio News Network
