INDIANAPOLIS – (Business Wire) Thousands of fifth graders from Indianapolis Public Schools will walk today to save for their future college education. Sallie Mae, the nation’s leading saving, planning and paying for education company, is a sponsor of the Walk Into My Future, which will encourage children to collect pledges from family, friends, and neighbors to enhance their college savings.
The walkathon is a first-of-its-kind event hosted by CollegeChoice 529 Direct Savings Plan, in partnership with Indianapolis Public Schools and Upromise Investments, program manager for CollegeChoice 529. Open to all metropolitan Indianapolis children and families saving for college, the event will be held at White River State Park in downtown Indianapolis and will start at 10 a.m. on Sept. 25. No pledges are required to participate, and all children who walk will be entered into a drawing for $529.
All pledges received will be invested in tax-advantaged CollegeChoice 529 accounts opened specifically to foster savings for the students’ higher education.
Families of low and modest incomes who are saving for college save as much or more as a percentage of income as families in higher income brackets, says a new study released last week from Sallie Mae and Gallup. On average, parents who save for college earmark 3.6 percent of annual income for their child’s education, while households earning under $50,000 set aside 7.5 percent of their annual income. However, only 29 percent of families are on track to reach their savings goal.
Sallie Mae helps families plan, save, and pay for college through its Upromise program, which has helped families earn more than $500 million in college savings rewards, and by administering 529 college savings plans, which offer tax-advantaged ways to save. To help families develop a saving for college plan, Sallie Mae also offers its free online tool, Education Investment Planner (www.SallieMae.com/invest), which enables families to project the total cost of college factoring in the child’s age, type of institution, and the historical rate of increase in tuition.
Dozens of employees from Sallie Mae’s 1,600-person Fishers facility will serve as volunteers for the event. Sallie Mae’s college planning experts will also distribute materials on saving for college.
As a sponsor of Walk Into My Future, Sallie Mae joins Indianapolis media partners WTHR NBC 13 ; WFMS 95.5, The Country Station; WRDZ Radio Disney 98.3 FM, Indy Moms, and Marsh Supermarkets. The emcee for the event will be Channel 13’s Angela Cain, who serves the station and the Indianapolis community as community affairs director.
For more information about the Walk Into My Future, visit the website.
Patricia Nash Christel, +1-703-984-5382