By Ron Smith
Richmond, KY – A state run college savings plan is paying off for many Kentucky families. Susan Hopkins of Frankfort began paying into the Kentucky Education Savings Plan Trust 18 years ago when her son Ian was six weeks old.
Today Ian is a freshman at Eastern Kentucky University.
Hopkins says 18 years of savings will allow her son to graduate with a Bachelor's degree virtually debt-free.
"And in today's economy and with the rising cost of tuition that's quite an accomplishment, so we're very proud of him, and with help of the college savings plan trust he's got a bright future where he won't be saddled with student loan debt," said Hopkins.
The Hopkins family attended an event Tuesday at EKU to recognize September as College Savings Month in Kentucky. Some Kentuckians, especially in the Commonwealth's urban areas, continue to put their dollars into state administered college savings plans.
Finance and Administration Cabinet Secretary Jonathan Miller hopes others, especially in eastern Kentucky, get involved.
"Too many eastern Kentucky families rule out college early, for the wrong reasons. They might not think they can afford it when their kids are young, but under these programs, with a little bit of discipline and putting a little bit aside every month, college is affordable for all income brackets," said Miller.
State officials say as many as 12,000 families in the Commonwealth currently are enrolled in the savings program.