Tuesday, September 15, 2009

Obama Proposes College Finance Overhaul

by David K. Randall
posted by Jameel Murray

The Obama administration released two proposals on Wednesday that may change how middle-class families pay for college. The goal of the suggested changes is to expand the use of state and federal programs by low- and middle-income earners by making them easier to use. The proposals would affect 529 college savings plans and the federal application required for almost all financial aid.

Currently, only 5% of families defined as middle class are enrolled in 529 plans, according to the Treasury Department. The majority of 529 savers have incomes in the 90th percentile or higher.

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