Over 287,000 Americans Pay for Education Using Ascensus-Administered 529 Accounts

DRESHER, Pa. - Sept. 19, 2017 - PRLog -- Ascensus, a technology-enabled solutions provider that helps more than 7 million Americans save for the future, reports that 529 account owners on its platform leveraged college savings to send over 287,000 students back to college this fall. As financial organizations across the nation celebrate College Savings Month this September, Ascensus' data suggests that 529 college savings accounts continue to gain momentum as a primary saving tool for families and students.

Ascensus currently partners with 18 states and the District of Columbia to administer a total of 34 529 plans across the nation. As college tuition costs and related expenses continue to rise, more families are opting to develop a long-term savings plan. Today, Ascensus supports over 4 million 529 accounts on its platform.

From June 1 through August 31 of this year, account owners used savings to pay post-secondary education expenses of more than 287,000 unique beneficiaries. The average transaction amount was $6,441, suggesting that families continue to use 529 savings to supplement other funding sources.

September marks the celebration of College Savings Month, during which several states and financial organizations promote the benefits of saving for college through a 529 plan. To help further educate American families on the college savings process, Ascensus recently launched HowToSaveForCollege.com. The site outlines what potential savers can expect of the investment process and highlights best practices and essential tools for success, including a college savings estimate calculator, a list of available  529 plans, and clarification on the common misconceptions.

"We've been in the college savings industry since its infancy, and we've seen exponential growth in both the number of 529 college accounts and number of beneficiaries we support on our platform," states Jeff Howkins, president of Ascensus' college savings division. "The fact that college savings on our platform were used to fund the education expenses of over a quarter of a million students this school year is incredibly exciting. This College Savings Month, we celebrate the millions of 529 account owners who are leveraging this tax-advantaged savings tool to build a brighter future for their beneficiaries."

Visit HowToSaveForCollege.com for more information on 529 plans.

About Ascensus

Ascensus helps more than 7 million Americans save for the future—retirement, college, and healthcare—through technology-enabled solutions. With more than 35 years of experience, the firm offers tailored solutions that meet the needs of asset managers, banks, credit unions, state governments, financial professionals, employers, and individuals. Ascensus supports approximately 50,000 retirement plans, more than 4 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. As of June 30, 2017, Ascensus had over $151 billion in total assets under administration. For more information about Ascensus, visit ascensus.com.

Before investing in any 529 plan, you should consider whether your or the designated beneficiary's home state offers a 529 plan that provides its taxpayers with state tax and other benefits that are only available through the home state's 529 plan. You also should consult your financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state's 529 plan(s), or any other 529 plan, to learn more about those plans' features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.

Investment objectives, risks, charges, expenses, and other important information such as specific benefits, limitations, rules and guidance are included in a 529 plan's offering statement; read and consider it carefully before investing.

When you invest in a 529 plan you are purchasing municipal securities whose value will vary with market conditions. Investment returns will vary depending upon the performance of the portfolios in the 529 plan you choose. Depending on market conditions, you could lose all or a portion of your money by investing in a 529 plan. Account owners assume all investment risks as well as responsibility for any federal and state tax consequences. Carefully read any disclosure statements and detailed information relative to your investment goals or needs, or consult with a tax advisor for their specific tax applications or consequences