BOISE -- Idaho's state-supported college savings program is giving away $5,000 in scholarships as part of an effort to encourage families to prepare for increasing higher education costs.
Administrators of IDeal, the 529 college savings investment plan, are expected to announce the winners of the $529 scholarships on Thursday.
Money in 529 accounts can be used to pay for any accredited post-secondary education, including undergrad and graduate programs. The investment plan, first created in 2001, can be opened for anyone by family members and anyone can contribute to the plan. Idaho taxpayers can get a state tax deduction for the contributions.
Ideal Executive Director Christine Stoll says the cost of in-state tuition, room and board and other fees is expected to reach more than $31,000 a year by 2030.