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New York’s 529 College Savings Program means millions set aside for higher education

ALBANY – New York’s 529 College Savings Program has translated into thousands of accounts with millions of dollars for college-related savings.

State Comptroller Thomas DiNapoli touted the program as a great way to save up for a relative’s college fund.

“This is a wonderful way for parents or grandparents or any person who has a child where they are concerned about their future education to put money away in an account for that child’s education down the road and get a tax deduction at the same time” DiNapoli said. “Given the rising cost of higher education this is a smart way to plan so that the money will be there for the young person down the road when they go to college.”

In the first five months of this year, there are some 100,000 direct savings accounts with $2.9 billion in assets.