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New Terms for Minnesota College Savings Plan

Updated: 08/25/2014 1:00 PM
Created: 08/25/2014 12:49 PM WDIO.com

The state-sponsored Minnesota College Savings Plan has new terms and leaders in the program say it makes saving for college easier.

The Minnesota College Savings Plan is part of the Office of Higher Education in Minnesota. They are hanging out at the Minnesota State Fair this week to make sure folks know about their new plan.

On August 12, the plan came under new terms. Program manager Robert Stern said the biggest change is that their program management fee has been reduced by more than 50-percent.

"Really, the big winners here are the Minnesota residents who are part of the plan because now it costs less, more money goes into their accounts, and they have more options," he explained.

Stern said it is often parents or grandparents who start a savings plan for their child or grandchild, but once the account is started, anybody can contribute to the savings plan.

At the fair, they are giving away $200 in the form of a college scholarship each day.

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