Macon--Mercer University is among a group of colleges receiving accolades in the Dec. 15 issue of BusinessWeek for launching one of the "Best Products of 2003." Independent 529 Plan is the brainchild of a nationwide organization of colleges and universities which designed the financial product and worked to win approval from both Congress and the IRS to get it up and running.
Independent 529 Plan is a tax-advantaged plan for families to save for tuition at more than 200 participating private colleges. "It has the advantages of state 529 plans," says Douglas M. Brown, CEO of Independent 529 Plan, "and in addition can essentially roll back the clock on the cost of future tuition." The group has hired TIAA-CREF's Tuition Financing Inc. to administer the plan.
In September 2003, Mercer University helped launch the innovative product.
"We see this new plan as part of our ongoing effort to make higher education accessible to families," said Carol Williams, associate vice president of student financial planning at Mercer. "This plan offers families a unique opportunity to freeze college tuition rates, which means more students will have a chance to receive a top-notch Mercer education in the future."
Those who would like more information can find it on the plan's website, www.independent529plan.org or by calling the toll-free number 888-718-7878.
Each December BusinessWeek editors cite what they think are the year's best products. "Innovation, big and small: That's what we looked for in picking the winners for 2003."