Last Updated on February 13, 2021 by Office of State Representative Heath VanNatter
SOURCE: News release from the Office of State Representative Heath VanNatter
STATEHOUSE — Some apprenticeship programs are now considered qualified expenses for funds saved through the CollegeChoice 529 Savings Plan, according to State Rep. Heath VanNatter (R-Kokomo).
As of Dec. 31, 2020, Hoosiers in House District 38 saved nearly $68 million through the CollegeChoice program for more than 7,400 students to pay for a traditional four-year college or technical school. VanNatter said these accounts can now be used to pay for a qualified apprenticeship program.
“This recent expansion means more Hoosier families can invest in their child’s education while keeping their future possibilities open,” VanNatter said. “If a trade apprenticeship is a better option than a college degree for some students, they can still choose that pathway and use their CollegeChoice 529 Savings Plan to invest in their training.”
According to VanNatter, qualified apprenticeship programs must be certified by the Secretary of Labor in order to be considered as acceptable expenses with this long-term savings plan.
VanNatter said this comes at a time when Indiana is working to skill up its workforce and fill thousands of unfilled, high-paying positions across the state. Many of these positions require an applicant to undergo apprenticeship training.
For more information about how to sign up for a CollegeChoice 529 Savings Plan, visit in.gov/tos/iesa