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Press Releases
The Industrial Commission unveiled a new plan to help
families save money for future college expenses.
"College SAVE provides a
window of opportunity for our children to attend college," said Gov. John
Hoeven, who also proclaimed September as "College Savings Month" in North
Dakota. "Investing in the education of our youth is key to not only the growth
and prosperity of our state but also the growth and prosperity of our
children."
The plan, established by Bank of North Dakota under Section
529 of the Internal Revenue Code, allows program participants to use a variety
of investment options for college education savings through Morgan Stanley, a
full-service, global financial firm.
"Bank of North Dakota and Student
Loans of North Dakota have a long history of helping individuals obtain money
for post secondary education," said Attorney General Wayne Stenehjem. "They
processed the nation's first federally insured student loan in 1967, and since
then have continued to lead the way in helping students achieve their dreams of
a college education."
"Many families pay more for their children's
education than they paid for their home," said Agriculture Commissioner Roger
Johnson. "College SAVE is an option available to help families gather the
financial resources they need to send their children to college."
BND
president Eric Hardmeyer said the plan allows a contributor to deposit funds
into an account on behalf of a designated beneficiary to cover higher education
expenses that are incurred while attending any eligible college or professional
school.
"Anyone can participate in this plan," Hardmeyer said. "A minimum
of $25 is all that is needed to open a college savings account."
Sen.
Aaron Krauter, Regent, said it was his personal concern for North Dakota's
families with children facing student loan debt that lead him to introduce the
legislation. Co-sponsors of the legislation were Senators Tony Grindberg, Jerome
Kelsh, David O'Connell, and Representatives David Drovdal and RaeAnn
Kelsch.
"Affording a college education has shifted American concern for a
comfortable retirement to second place," Krauter said. "The plan allows many
people, including parents, grandparents, great grandparents, aunts, uncles and
friends of the family to invest in a young person's education."
Morgan
Stanley Managing Director Bob Sloss said, "We are excited about this opportunity
to work with North Dakota to bring College SAVE to our clients and investors
nationwide, and we look forward to helping families prepare for the
future."
As the only state-owned bank in the nation, Bank of North Dakota
is overseen by the Industrial Commission of North Dakota, consisting of Gov.
John Hoeven as Chairman, Attorney General Wayne Stenehjem, and Agriculture
Commissioner Roger Johnson.
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