More Idahoans are saving for college, program officials say | Education
IDeal, Idaho’s 529 college savings program, released its 2021 annual report this month, showing growth in several categories over 2020, including total accounts, friend account contributions, and family members, the total amount of money saved with the program for future education expenses, and the use of the account for higher education costs. The program offers a tax-advantaged savings program that helps Idaho families save for the cost of higher education.
The report explored the program’s growth statewide and in four regions (North, East, Southwest, and Central Idaho). The 2021 calendar year analysis found that more than 38,422 Idaho students have someone saving for their future education with the IDeal program. Total program assets increased by $97 million in 2021, and each region contributed to the upward trend in savings.
“It’s remarkable to see the growth of the IDeal program over the past 20 years and encouraging to know that more and more Idahoans are saving for future education costs every year,” said Christie Stoll, executive director of ‘Ideal. “It’s exciting to see more families stepping up to help the students in their lives achieve their education goals. »
In central Idaho, which includes Blaine County, $3.6 million was used last year to cover higher education costs. Another finding for the region is that from 2020 to 2021, program recipient accounts grew by 7.7%, an increase of 210 accounts in the region. In addition, total savings in program accounts have increased by over $6.8 million. Central Idaho added 105 new IDeal account holders with one or more beneficiaries. ￼