A state audit finds more than 100,000 people are investing in the state-managed “College Savings Iowa” plan. Auditors reviewed records from July 1st of 2010 through June 30th of this year.
They found those 100,000 parents, grandparents and others who are investing for college expenses put more than $317-million into “College Savings Iowa” accounts during that 12-month period. The state is managing accounts for more than 208,000 students who are either going to college or are already enrolled.
The average yearly contribution was nearly $1,600 per student. According to the audit, more than $172-million was withdrawn from “College Savings Iowa” accounts in that 12-month period to cover tuition and other college expenses.
There was more than $2.8-billion socked away in the “College Savings Iowa” program on June 30th of this year. The fund saw an increase in its investments of more than $480-million, due to improving market conditions. The Iowa legislature created the College Savings Iowa program in 1998.
The fund is managed by the state treasurer, with the governor and a top manager from the legislative branch of government serving on the board that oversees the fund.