New Bill Will Help Nebraskans Save for College

NEBRASKA – Legislative Bill 610 was signed into law and it will create new programs to promote Nebraskans’ access to higher education through innovative college savings incentives.

The meadowlark program is a NEST account that will be opened  for every baby born on or after January 1st, 2020 who is a resident of Nebraska at the time they are born. NEST 529 is a tax-advantaged college savings program, and is ran by the Nebraska State Treasurer.  Funding will begin the year following the birth of the child, and parents or guardians have the ability to opt out of the program.

The next program is called The Employer matching Contribution Incentive Program which would begin on January 1st, 2022. Where the employer would match at least 25% of all contributions up to $2,000, and could add up to $250,000 in total incentives for education each year.

The final program is The Low-Income Matching Scholarship Program which would begin January 1st, 2022. Where the owners contribution to the NEST account would be matched if the beneficiary is part of a family with a household income at or below 200% of the federal poverty level. This program could also award up to $250,000 in scholarships per year.

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