New America Foundation commends Vice President Biden for Committing to Improve 529 College Savings Plans

Washington, DC -- The New America Foundation commends Vice President Biden and the Obama Administration's Middle Class Task Force for their announcement today to review 529 plans to make them more effective and reliable. The announcement came during a meeting in St. Louis, Missouri on College Affordability. "529s are a great vehicle for college savings for many better-off families, now the challenge is to make them a good deal for low- and middle-income families as well," said Ray Boshara, Vice President of Domestic Policy Programs at the New America Foundation. 

Earlier this year, New America Foundation launched the College Savings Initiative, whose purpose is to advance "progressive 529s" at the state and federal levels. "We couldn't be happier about this attention to 529s-as more and more families are expected to save more for their children's college education, it's critical that we focus on those most in need of a college education and those for whom saving is difficult.  Several states are already innovating around 529s, making them more progressive and meaningful to lower-income families-let's see if we can do the same for more families around the country," said Boshara.

The College Savings Initiative was launched in 2009 as a joint venture between the Asset Building and Education Policy Programs of  New America Foundation and the Center for Social Development (CSD) at Washington University in St. Louis. The Initiative is centered on developing and advancing progressive 529 college savings plans at the state and federal levels. It seeks to achieve this through study and promotion of existing progressive state-based 529 plans; modernization of existing federal college aid programs, including federal income tax-based aid programs; policy research and design; communications; and policymaker education. Ultimately, the Initiative aims to increase post-secondary education access and completion rates among lower-income, disadvantaged students through innovative public policy and other reforms to 529 college savings plans.

The following New America Foundation experts are available for interviews to discuss today's White House announcement as well as state and federal policy options to help Americans save for post-secondary education: 

• Ray Boshara, Vice President for Domestic Policy Programs and Director of New America Foundation's Asset Building Program,
• David Newville, Policy Analyst for New America Foundation's College Savings Initiative
• Mark Huelsman, Program Associate for New America Foundation's College Savings Initiative

Please contact Kate Brown with interview requests at 202-596-3365 or brown@newamerica.net.

About the New America Foundation
The New America Foundation is a nonprofit, nonpartisan public policy institute that invests in new thinkers and new ideas to address the next generation of challenges facing the United States.

Learn More About: David Newville, Mark Huelsman, Ray Boshara
Related Programs: College Savings Initiative
Topics: Education, Ownership & Assets