Looking at your 8 year old, it's hard to imagine that she will one day be packing all of her belongings into boxes and moving off into the world. It's hard to imagine that this little person will one day attend college and start a career of her own. It's hard to imagine that it will happen - much less what a post-secondary education will cost in 10 years.
Educational costs are rising rapidly and will likely continue to increase every year. Did you know tuition rose 14% at four-year colleges and 6% at private institutions in 2003-2004? And, the average annual cost for tuition, room and board is currently $13,833 at public in-state colleges and $29,541 at private schools? Those numbers can be overwhelming, but investing in your children's education doesn't have to be.
September has been proclaimed National College Savings Month for the State of Kansas and Learning Quest® is celebrating with contests and prizes! Learning Quest is a 529-education investment plan established by the State of Kansas, and administered by the State Treasurer's office, for our children, grandchildren, nieces, nephews and even friends.
We are asking Kansas' seventh and eighth grade students to write an essay about someone they admire who went to college and how it has helped the person succeed. One winner from each grade level will receive a $1,000 Learning Quest college investment and one runner-up winner from each grade will receive a $500 Learning Quest account. All winners will receive a celebration party for their classmates*. Home school students are also eligible to participate. If a home school winner or runner-up is selected, they will receive a celebration party for their immediate family. Kansas students enrolled in seventh or eighth grade can enter through official entry forms that were distributed to principals and teachers in August. Official forms are also available for download at learningquest.com/essay beginning September 1, 2004. All contest entries must be received by Thursday, September 30, 2004.
We are also pleased to celebrate College Savings Month by offering a chance to win $10,000 in college savings accounts. Adults are encouraged to enter the Learning Quest Sweepstakes to win one of the two $5,000 accounts. For details about the sweepstakes, call 1-877-345-8837 ext. 2129 or visit (before December 31, 2004) learningquest.com to enter.
At the State Treasurer's office, we want to help parents face the growing challenges of saving for college by educating citizens about Learning Quest. Learning Quest is designed to help you plan for tomorrow by taking action today that can make paying for your children's college education easier. Kansas residents can open a Learning Quest account with as little as $25 a month or just a $500 initial investment, but Kansas residency is not required to participate in the plan. Residents of other states can open an account with just $50 a month or a $2,500 initial investment**.
Learning Quest accounts have benefits that can help you today. Kansas taxpayers are eligible for an annual deduction from their Kansas adjusted gross income up to $2,000 ($4,000 for married/filing jointly) for contributions made per student per year, and your earnings grow tax-free***. Starting December 31, 2004, Kansas residents can deduct contributions into their Learning Quest accounts up to $3,000 if single filing jointly and up to $6,000 if married filing jointly. I was proud to propose this change in the law last year and work closely with lawmakers to see it passed.
Saving for college is a daunting goal, but one that can be reached with the help of state programs such as Learning Quest. Call 1-800-579-2203 or visit learningquest.com for more information on how to open a Learning Quest account today!
As always, it is a pleasure serving as your State Treasurer and administering the Learning Quest 529 Education Savings Program. Please contact me if there is anything that I can do for you.
