Plan Sponsors

New program with AARP helps parents and grandparents pay for college for loved ones

TIAA-CREF has a long-standing heritage of helping individuals achieve financial well-being as they save and prepare for life’s events and retirement by providing them the information, education and tools they need to make informed financial decisions.

That dedication remains when it comes to higher education, and we’re working with AARP to apply that same approach to help American families save for college.

We’re pleased to introduce the AARP® College Savings Solutions from TIAA-CREF. Through a comprehensive and customized website, this program allows AARP members across the nation to access information and education about saving for college and 529 college savings plans. Additionally, education savings specialists are available by phone to provide additional information about 529 plans, open an account or help members contribute to a relative’s existing TIAA-CREF-managed 529 plan.

Studies have confirmed that those who use 529 college savings plans are more successful savers than those without. In fact, 22 percent of 529 owners have saved between $10,001 and $25,000, while only 9 percent of non-529 account owners have saved a similar amount.1

With student loan debt nearing $1 trillion in the U.S.2, saving for college has become a multi-generational family affair.  While grandparents are playing an active role in helping their family members save for college, there’s only 1 percent penetration in 529 college savings plans among those 50 years+ 3, which means many are missing out on the associated tax benefits.

That’s where the AARP College Savings Solutions from TIAA-CREF comes in. This first-of-its kind program allows the 50 years+ population to learn about and take advantage of the benefits of a 529 plan, enabling them to play a more active role in helping family members pay for college.

To learn more about AARP College Savings Solutions from TIAA-CREF, visit the program’s customized and comprehensive website .

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