(Radio Iowa) – The longtime state operated fund used to help parents and students save for college is getting a new name. State Treasurer Roby Smith oversees the College Savings Iowa plan. “It’s been around for almost three decades, and the College Savings Iowa, which is the old name, kind of focuses on college, and there’s been a number of changes over the years. And so we wanted to take a look at this and get a new name out there to let people know. So it’s ISave 5-2-9,” Smith says. He says you will still be able to save money for K-12 tuition, or a two or four-year college, but there’s more to save for.

“Graduate Schools and then apprenticeship program. So you know, if it’s electric, H-VAC, plumbing, if someone decides to go into the trades, then they can pay for their apprenticeship program from the 529 program,” Smith says. He says the name change reflects the changing ways people look at education after high school. “We’ve heard through the years is people say, ‘Well, I don’t know if my child’s going to go to college or not.’ This is a way to where we can expand it and have people know that it can be used for multiple things,” he says. Smith says the plan itself is tailored to fit different stages of savings. “We have different age tracks. So someone can go a little bit more aggressive if they want, someone can go a little bit more conservative if they like. But we’ve had great returns depending on the year, but nearing that seven, eight, nine, percent in some years, other years, it’s less,” he says.

You can deduct contributions to the plan from your state income taxes, and there are other benefits as well. “The federal government and the state of Iowa has said that if there’s extra money left in there when you’re done with your education, you can actually roll it over into your children’s Roth I-R-A to help them save for retirement,” Smith says.

You can learn more about the plan and how to create an account at ISave529.com.