Assembly Bill A10209 - Prime-Sponsored Legislation, Introduced by Rules on Behalf of Assemblymember John T. McDonald III
Download the official legislation details here: https://www.nysenate.gov/legislation/bills/2023/A10209
Governor Kathy Hochul received the bill for signature on September 5, 2024. Qualified withdrawals from the New York State College choice tuition savings program now include higher education expenses, including the ability to contribute to education loans principal and interest.
This legislation is designed with students in mind and New York families with children currently in primary and secondary education should explore the investment. It is an effort to contribute to college affordability, and this qualified withdrawal can help students manage miscellaneous school expenses like tuition, textbooks, and technology.
This information must be disseminated through high school guidance counselors, pre-college initiatives, and financial aid offices within postsecondary institutions to start. Early investments would yield the best results for prospective college students, and the partnership pipeline between secondary and postsecondary communications must continue to amplify pathways of affordability.
Qualified Withdrawals now include:
a. to pay the qualified higher education expenses of the account's designated beneficiary at an eligible educational institution.
b. to pay principal and interest on any qualified education loan as provided in section 529(c)(9) of the Internal Revenue Code 1986.
c. to make a rollover to a Roth Individual Retirement Account as provided for in section 529(c)(3)(E) of the Internal Revenue Code of 12 1986.
Investment planning for students guarantees a path toward higher education, even if that means learning a trade, attending community college, or pursuing a 4-year degree plan. The affordability pathway should become a staple in college counselor conversations, in addition to secondary school planning.
Initiatives that middle and high school programs can continue to amplify would include New York state's Higher Education Opportunity Program, Tuition Assistance Programs, and the overall exploration of funding for students from underrepresented backgrounds such as foster youth and first generation students.
Other recently signed New York Education Bills:
Legislation S.9018A/A.9855A Requires School Districts to Establish a Process To Include at Least One Student Member on the Board of Education
Legislation S.9016/A.9934 Names the Syracuse Science, Technology, Engineering, Arts and Mathematics High School
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Rebuttals are always welcome,
Jade M. Felder, Ed.D.
Wow a student can really get paid in NY.