History of 529 Plan

HISTORY OF THE 529 PLAN 1986 1989 Michigan Governor, James J. Blanchard proposes a prepaid tuition program to help Michigan families pay for college. Florida and Wyoming are the first states to actually implement prepaid tuition programs. University of Phoenix establishes their "online campus", the first to offer online bachelor's and master's degrees. 1990 1992 The number of women playing college sports reaches 160,00. U.S. Olympic basketball "Dream Team" wins the gold medal in Barcelona. The World Wide Web 1995 is born. Balamurali Ambati graduates from Mount Sinai School of Medicine at age 17, becoming the world's youngest doctor. 1996 529 plans, officially known as "qualified State tuition programs", are created by the Small Business Job Protection Act. 1997 1998 The Taxpayer Relief Act provides for several higher-education tax incentives, including limited deductions for student loan interest. 529 The IRS issues proposed regulations on Code Section 529. Regulations have never been finalized. Google is founded in California 1999 by two students at Stanford University. Savingforcollege.com is launched with 5-Cap Ratings of 529 plans; first edition of Joseph Hurley's "The Best Way Savingforcollege.com 2000 to Save for College-A Complete Guide to 529 Plans" is published. Apple releases iTunes, followed by the first iPod in 2001. 2001 The Tax Relief Act of 2001 is signed into law by President 529 plan assets under management reach George W. Bush, turning 529 plans from tax-deferred $13.5 BILLION college savings plans into tax-free college savings plans through the year 2010. 2003 ЛИ Private College 529 plan, an institution-sponsored prepaid contract plan representing over 200 private colleges, is launched. The Higher Education Act is amended to expand access to higher education for low and middle-income students. The movie Old School, based on 30-somethings reliving 2004 college and starting a fraternity is released starring Will Farrell, Luke Wilson and Vince Vaughn. facebook Facebook is created by Harvard University student Mark Zuckerberg. Bob Dylan accepts honorary doctor of music degree from the University of St. Andrews. 2006 The Pension Protection Act makes federal tax-free treatment a permanent tax benefit for 529 plans. 2007 The College Cost Reduction and Access Act is signed allowing a student- or UGMA/UTMA-owned 529 accounts to be reported on the Free Application for Federal Student Aid (FAFSA) as a parent asset. Barack and Michelle Obama make large contributions to their daughters' 529 accounts. 529 plan assets under management reach $129.9 BILLION 2008 2009 The $700 billion bailout bill for the US financial system is signed by President George W. Bush. BAILOUT The IRS provides a special one-year rule permitting two investment changes in a 529 account for the year 2009 only. In the midst of economic recession, 529 plan assets fall to $105 BILLION The American Reinvestment and Recovery Act of 2009 provides more than 90 billion dollars for education. 2013 The Dow Jones Industrial Total 529 plan assets reach Average surpasses 2007 $204.5 BILLION pre-financial crisis levels for the first time. RARA U.S. student loan debt tops $1,000,000,000,000 Source: Presented by: http://www.collegesavings.org http://www.gradschoolhub.com/10-youngest-people-ever-to-achieve-a -doctorate-degree/ Savingforcollege,com http://www.savingforcollege.com http://www.eds-resources.com/educationhistorytimeline.html www.savingforcollege.com http://www.historyorb.com/