Monday, December 29, 2014COLUMBUS, Ohio -- The average annual contribution to Ohio's CollegeAdvantage Direct Plan accounts was $2,900 in 2013. By the time a beneficiary reaches age 3 years, his average account balance is $8,741.
By the time a beneficiary reaches age 17, the average account balance has reached $24,810, according to a report from the Ohio Tuition Trust Authority. The average account balance is $16,266. In comparison, the national average account balance was $20,671 at June 30.
The Tuition Trust Authority offers and administers the CollegeAdvantage 529 Savings Program. CollegeAdvantage is offered directly through the Tuition Trust (direct plan) and financial professionals (adviser plan).
The average balance of the direct-plan accounts, based on the age of beneficiary, rises steadily until he reaches his 17th birthday. The trust authority accordes greater weight to the contributions made earlier in the beneficiary’s life.
Published by The Business Journal, Youngstown, Ohio.
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