Hoosier families now have more than $8.4 billion socked away in Indiana's tax-advantaged education savings program.
State Treasurer Daniel Elliott announced Wednesday the total assets in the 452,000 Indiana529 accounts reached that milestone at the June 30 end of the 2025 state budget year — more than double the program's $4 billion in assets in 2017, when it was known as Indiana CollegeChoice 529.
"I'm proud of the growth we've seen and the partnerships we've built to make saving for education easier and more accessible across our state," said Elliott, a Republican.
"Indiana529 is about empowering Hoosier families to dream bigger and plan ahead. Every dollar saved is a step toward opportunity — whether that's college, job training or any path that builds a stronger future."
The state-administered savings program named for its authorizing section in federal tax law aims to give families flexibility and choice when it comes to securing funds for a post-high school education.
Indiana529 accounts grow tax-deferred and distributions are tax-free so long as the money is withdrawn to pay for qualified education expenses, such as tuition, books, equipment and fees at any eligible in-state or out-of-state educational or apprenticeship program.
Hoosier taxpayers may also be eligible for an annual state income tax credit equal to 20% of their Indiana529 contributions, up to a maximum of $1,500 a year.
"More Hoosiers than ever before are saving for future education with Indiana529," said Marissa Rowe, Indiana529 executive director.
"Whether it's our generous state tax credit, expanded qualified uses or the tax-free investment earnings, families are choosing to invest. We're proud to partner with our neighbors to help them plan for the education that's right for them."
Anyone can establish or contribute to an Indiana529 savings account online at Indiana529Direct.com.
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