Independent 529 Plan Reaches Milestones in Record Time

Pre-paid tuition plan adds 250th university and reaches $55 million in assets

Press Release

Independent 529 Plan Reaches Milestones in Record Time

July 8, 2005—TIAA-CREF, the financial services organization and leading provider of retirement security in the academic, medical and cultural fields, announced today that Independent 529 Plan – a pre-paid tuition plan for the nation’s leading private colleges and universities – added its 250th participating school in June.  Independent 529 Plan has also grown to over $55 million in assets under management in less than two years since its launch in September 2003.

“Independent 529 Plan is growing rapidly as more and more parents see it as a way to save for their children’s tuition now,” said Phillip Rollock, Vice President, Education Savings TIAA-CREF. “This plan allows parents to lock in tomorrow’s tuition rates today and the success of this program shows that they see it as an innovative opportunity to save.”

“In the recent weeks, we’ve added a number of the country’s most selective colleges and universities. They are joining a list that already includes many of the country’s leading academic and research institutions,” said Douglas M. Brown, President and CEO of the Tuition Plan Consortium (TCP). “Reaching these milestones so soon means that both parents and the participating schools really understand the benefit of an Independent 529 Plan.”

Independent 529 Plan is run by the nonprofit Tuition Plan Consortium and administered by TIAA-CREF Tuition Financing, Inc. Funds saved can be used at any of the 250 participating colleges and universities nationwide, as well as any that join in the future.

In return for the parents’ prepaying college costs, member colleges accept the investment risk and protect them from future tuition increases. Tuition purchased today is guaranteed to satisfy costs at the time the child enrolls. For example, parent who purchases a half-year of tuition today, will receive a half year tuition when child later redeems the tuition certificate at a member college. This is true regardless of how much tuition rises or what happens in the investment markets.

» Current Participating Colleges