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HEHS-95-16R 1 (1994-11-04)

handle is hein.gao/gaobackrm0001 and id is 1 raw text is: OStates GAO() General Accounting Office Washington, D.C. 20548 Health, Education and Human Services Division B-254026 November 4, 1994 The Honorable Nancy Landon Kassebaum Ranking Minority Member Committee on Labor and Human Resources United States Senate The Honorable James M. Jeffords Ranking Minority Member Subcommittee on Education, Arts, and Humanities Committee on Labor and Human Resources United States Senate The Honorable Thad Cochran United States Senate In recent years, escalating costs of higher education have raised concerns about the ability of average American families to finance a college education for their children. For this reason, you asked us to study ways the federal government can encourage families to save money for their children's college educations. Specifically, you requested that GAO examine (1) the potential of two federal options-- series EE savings bonds and penalty-free withdrawals from individual retirement accounts (IRA)--to encourage net savings for college and (2) state-operated tuition prepayment plans. In subsequent discussions with your staff, we agreed to focus our remaining work on tuition prepayment plans, which will be the subject of a future report. We also agreed, however, to summarize information we gathered as part of our initial research concerning the use of EE savings bonds and loans from the Thrift Savings Plan (TSP) to pay for college. More specifically, this correspondence presents the related information we gathered on: (1) the number of people who have claimed the income exclusion for using savings bonds to cover college expenses, (2) public awareness of education savings bonds and attitudes toward the income limits on use of the exclusion, (3) the recent lowering of the income limits, and (4) the nonrepayment rate for federal employees who have borrowed from the TSP to pay for education expenses. GAO/HEHS-95-16R College Savings Issues - - q '

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