Tennesseans can take advantage of an extra $1,500 to jumpstart their children’s college savings through the Tennessee Investments Preparing Scholars (TIPS) program.
A program of the Tennessee Department of Treasury, TIPS encourages families to save for the growing costs associated with postsecondary education by offering a 4-to-1 matching grant. The program was created to encourage Tennessee residents meeting certain household income requirements to invest in their child’s future education through the TNStars College Savings 529 Program.
When a qualifying family establishes a TNStars account and enrolls a child 14 years or younger in the TIPS program, the state will provide a 4-to-1 matching contribution. Eligible families can receive up to $500 a year with a lifetime maximum match of $1,500 per child. For example, a minimum $25 contribution would receive a $100 match. Families who start saving at least $25 per month now through June 30 would receive the full $500 match for this year, turning $125 into $625.
Now in its 10th qualifying year, the TIPS program has assisted 1,046 enrollees with over $1 million in matching grants. These Tennessee families have in turn saved $1.15 million to their TNStars accounts, far surpassing the state minimum requirements to receive the full state match.
TIPS is accepting applications for the current qualifying period through June 30, 2024.
View eligibility and apply for the TIPS matching grant at: Treasury.TN.gov/TIPS
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