CA ACR177

Designates May 29, 2024, as 529 College Savings Day to raise awareness about college savings plans and their importance for families saving for higher education.

ScholarShare 529 College Savings Plan, California's state-sponsored plan since 1999, has grown to over $15.1 billion in assets across more than 430,000 accounts and is celebrating its 25th anniversary.

National student loan debt has reached $1.6 trillion, up from $620 billion in 2008, with 62.7 percent of federal financial aid now in loan form rather than grants.

529 college savings plans offer tax-deferred growth and tax-free withdrawals for qualified education expenses, helping families reduce or eliminate future student loan debt.

College graduates earn approximately 55 percent more than high school graduates, making education savings investments beneficial for long-term economic outcomes.