Bill would allow parents to save $10,000 a year for college

Friday, May 17, 2013

 Two Michigan congressmen are proposing legislation that would allow families to save even more for their children’s college costs.

The bill proposed by U.S. Reps. Tim Walberg, R-Tipton, and Dan Kildee, D-Flint Township, would increase from $2,000 to $10,000 a year the amount families can invest in Coverdell Savings Accounts for higher education.

The legislation would also increase the age of eligibility to withdraw amounts from the accounts from 18 to 22.

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