College Savings Increase 13% in Va. - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

College Savings Increase 13% in Va.

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(Photo: MGN) (Photo: MGN)

RICHMOND, Va. (AP)- Virginia families are saving more for their children's college education.

Officials with the Virginia529 College Savings Plan say about $479 million was invested during fiscal year 2013 in three savings programs.

That's up 13 percent from the $424 million families saved for college the previous year.

Improving economic conditions and growing concerns about student loan debt were credited for the increase.

Virginia529 is the state agency that oversees the programs, which are named for the Internal Revenue Code that makes earnings in the accounts tax-free.

More students also withdrew money from their accounts to pay for college expenses. The agency distributed nearly $250 million in fiscal 2013, an increase of 13 percent.

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