Payne: Hoosiers Can Now Use CollegeChoice 529 Savings Plans For Apprenticeship Programs

As of Dec. 31, 2020, Hoosiers in House District 66 saved over $52 million through the CollegeChoice program.

(Indianapolis, Ind.) - Some apprenticeship programs are now considered qualified expenses for funds saved through the CollegeChoice 529 Savings Plan, according to State Rep. Zach Payne (R-Charlestown).

As of Dec. 31, 2020, Hoosiers in House District 66 saved over $52 million through the CollegeChoice program for more than 4,000 students to pay for a traditional four-year college or technical school. Payne said these accounts can now be used to pay for a qualified apprenticeship program.

"For some students, pursuing an apprenticeship to build workforce skills is a better option than going to college for a two-year or four-year degree," Payne said. "The CollegeChoice 529 Savings plan now allows Hoosier families to invest in the best educational path for their children, whatever that may be."

According to Payne, 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.

Payne 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