529s star on big screen

The College Savings Foundation is using CBS' enormous screen in Times Square to urge Americans to save for their children's college education by funding Section 529 college savings plans. The group's 15-second silent ad-vertisement began running 18 times a day last month on the giant display at 42nd Street be-tween Seventh and Eighth avenues in New York. It will continue through next month. In the ad, a little girl who aspires to be a doctor and a dozen other happy young faces fill the screen. The spot concludes with the image of a baby being kissed by its parents. The message: “Dream big while they're still small. Think ahead. Act now! Save in a 529 plan today.” More than 1.5 million people pass through the landmark area every day, and that doesn't count the holiday crowds, which begin with Macy's Thanksgiving Day Parade. “New York City symbolizes a place where dreams are realized, so it is a fitting place to convey that vision,” said Roger Michaud, chairman of the foundation. Section 529 plans allow savers to invest tax-free as long as all the money is used to cover expenses for higher education. The plans contain about $157.5 billion. “We know that every dollar saved early will ward off the threat of student debt as the child nears college age,” Mr. Michaud said. “We want to empower every family to take charge of their future through a manageable college savings program.” Nearly 20% of households have student loan obligations, and more than 10% of borrowers have defaulted on such loans, according to the Education Department. Americans owe about $1 trillion in student debt, which is more than they owe on credit cards.