Private Colleges and Universities' Independent 529 Plan Wins Business Week "Best Products of 2003" Award
December 16, 2003
University of Richmond and 225 other private colleges and universities have won Business Week magazine's "Best Products of 2003" award for their Independent 529 Plan, a prepaid tuition discount plan applicable to all participating institutions.
Business Week announced the annual awards for innovation in business and finance in its Dec. 15 issue. The nationwide organization of colleges and universities that designed the financial product also worked to win approval from Congress and the IRS to launch it last September. The group has hired TIAA-CREF's Tuition Financing Inc. to administer the plan.
Independent 529 Plan differs from state-sponsored pre-paid tuition plans, several of which recently have been suspended or closed because of low investment returns and large tuition increases.
"It has the advantages of state 529 plans," said Douglas M. Brown, CEO of Independent 529 Plan, "and in addition can essentially roll back the clock on the cost of future tuition." The founding colleges and universities hope it will make college more affordable and accessible.
For more information visit www.independent529plan.org or call 888-718-7878 toll-free.