Some apprenticeship programs are now considered qualified expenses for funds saved through the CollegeChoice 529 Savings Plan, according to State Rep. Chuck Goodrich (R-Noblesville).
As of Dec. 31, 2020, Hoosiers in House District 29 saved over $1 billion through the CollegeChoice program for more than 50,000 students to pay for a traditional four-year college or technical school. Goodrich said these accounts can now be used to pay for a qualified apprenticeship program.
Goodrich
“Some students may feel the only path after high school is to go to college and get a two- or four-year degree. However, for some, an apprenticeship may be a better option for them to capitalize on their talents,” Goodrich said. “This recent expansion in the CollegeChoice 529 Savings Plan gives Hoosiers an opportunity to invest this money in an educational option that works best for their child.”
According to Goodrich, 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.
Goodrich 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.