529 industry reaches out to academia in summit

Key players in Section 529 college savings programs, higher education and financial aid will meet on Sept. 16 in Washington to discuss issues affecting saving and paying for college. The “Summit on Saving for Higher Education” will be a follow-up to a similar meeting in March, which was also held in Washington. The summit meetings are part of an initiative by 529 college savings officials to reach out to the higher-education community, according to Jacqueline “Jackie” Williams, director of the College Saving Initiative for the New America Foundation. "There was very little interaction between the two entities," said Ms. Williams, a former chairwoman of the College Savings Plans Network. Topics expected to be covered next week include: whom 529 plans are designed for and how they are evolving; how colleges can support savings initiatives without sacrificing fiscal needs; and how higher education can become more universally accessible. A white paper, “Improving Access to Higher Education by Promoting Savings,” was released after the March meeting by James “Jamie” Canup, an attorney for 529 Counsel PLC and Liz Robinson, vice president of marketing for Upromise Investments Inc. Mr. Canup and Ms. Robinson will coordinate next week’s meeting and issue another white paper afterwards, according to a Upromise representative. The March summit attracted nearly two dozen people working in academia, 529 plans and financial aid. "It was a very positive development," Ms. Williams said. "There's starting to be more conversation between different groups who recognize the importance of college savings." Recommendations in the white paper issued in the spring by Mr. Canup and Ms. Robinson included a federally funded campaign of public service announcements for 529 plans and legislation to allow non-taxable employer-matching contributions to 529 plans as part of benefits packages. In addition, the white paper recommended removing contributions to 529 plans from the Free Application for Federal Student Aid form, which is filled out by nearly all college students, to “eliminate the perception that families are penalized for investing in the plans.”