Mission and Purpose
Our Mission
College Savings Foundation (CSF) is a Washington, D.C.-based not-for-profit organization with the mission of helping American families achieve their education savings goals by working with public policy makers, media representatives and financial services industry executives in support of education savings programs.
CSF serves the education savings industry as a central repository of information and an expert resource for its members and for representatives of state and federal government, institutions of higher education, and other related organizations and associations.
CSF’s education savings mission serves families and individuals of all income levels and ethnic backgrounds across the nation. CSF supports the broad availability of, and participation in, 529 Plans, and encourages states to consider treating participation in all 529 Plans equally when considering legislation establishing any type of state benefits to 529 Plan participants. A competitive environment in which 529 Plan selection is based on the merits of each 529 Plan, the investor’s prior investment experience, college savings time horizon, and risk tolerance and not on state tax or other benefits, will result in more successful savers and ultimately make college more affordable and accessible to more families.
What is a 529 College Savings Plan?
A 529 Plan is a tax-deferred, tax-free investment vehicle designed to support qualified higher education expenses. Congress created 529 Education Savings Plans in 1996 under Section 529 of the Internal Revenue Code, and nearly all 529 Plans are affiliated with a State sponsor.
There are two types of 529 Plans: 529 Savings Plans, which allow families to invest in investment portfolios designed to grow and appreciate over time and which can be used for qualified higher education expenses at any college or post-secondary institution, and 529 Prepaid Plans, which generally allow families to purchase advance tuition credits or units to cover future attendance at a designated in-state public college or university system. 49 States and the District of Columbia offer a 529 plan, and some States offer both savings and prepaid plans.
Initiatives
CSF monitors federal and state legislative developments relating to 529 plans and keeps its members informed of all relevant policy developments. CSF members regularly meet with key federal legislators (from both the United States House of Representatives and the United States Senate) and their staffs to discuss a broad range of federal issues which are of interest to 529 plan investors and the industry and to advocate for sound policies that foster and support 529 savings programs. CSF is also a resource for federal and state policymakers – providing information on the realities of the 529 plan marketplace, relaying data on the plans and who uses them, and assisting with technical advice in crafting legislation affecting 529 plans. CSF also appears at hearings before relevant congressional and state legislative committees of jurisdiction as an expert voice on college savings issues.
CSF is conducting extensive outreach to the public and policymakers about the importance of establishing and maintaining a proactive plan for savings for higher education, using a variety of investment opportunities. We have been successful in positioning CSF – and by association our members – as thought leaders on the issues of helping American families save for their children’s college education. We sponsor briefings for reporters to educate them on 529 plan issues and to cultivate close relationships with key personal finance, business and education reporters. CSF frequently issues press releases promoting the use of 529 plans to enable families to fund higher and continuing education and comments on important public policy developments affecting 529 plans.
CSF is actively involved with federal and state regulators of 529 plans, including the United States Treasury Department and Internal Revenue Service, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, and the Municipal Securities Rulemaking Board. We comment on proposed regulations and other guidance that would affect 529 plans and provide input to regulators regarding key operational and compliance issues. One of CSF’s primary regulatory initiatives in 2008 was to comment on Treasury’s Advance Notice of Proposed Rulemaking under section 529 of the Internal Revenue Code, and to meet with Treasury and IRS officials about the final shape of 529 regulations.
CSF works with other interested organizations that share our mission to foster and expand 529 college savings plans and education savings generally. From organizations representing state treasurers and other state officials involved in 529 programs to financial services industry trade associations and financial planning groups to higher education organizations, CSF coordinates and partners with all those who are interested in helping American families finance higher education through the continued success of 529 college savings plans.