University Daily Kansan / Wednesday. April 11, 1990
11
Financial aid bill would allow tax-free account for education
By Rod Griffin
Kansan staff writer
A bill before the U.S. House Ways and Means Committee could help early birds catch the financial-aid worm. The bill would allow parents to get up to $1,000 a year in a tax-free education savings account for their children.
Rep. Jan Meyers is one of 100 cosponsors of the bill.
"The incentives to save no additional expenses that are far into the future are frequently lost in the pressures. This legislation would provide those much needed incentives," she said.
Money could be deposited in a private account until a child is 19 years old. The money and interest would be tax free if it were used for educational expenses including tuition, fees and lodging.
If the money were not used for education, regular tax laws would apply and a 10 percent penalty would have to be paid.
Sherri Sweers, campus director for the Associated Students of Kansas, said the organization had considered proposing such a program.
“ASK last year wanted to do something very similar,” she said. “But
we heard something was planned at the national level so we put it on hold."
Financial aid officials at the University of Kansas said that they supported the program but that it required the financial aid eligibility of some students.
Evelyn Gershon, assistant financial aid director, said the measure could make some loans and grants unavailable to students taking advantage of the plan. But she said a pending revision of the financial aid system could eliminate that possibility.
"If this bill goes through, my hope is that when the system is revamped, people taking advantage of this program take advantage. "At what point will it be all in air?"
Jerry Rogers, financial aid director, said the program should benefit those who use it, regardless of the financial aid system.
"I think it is a good deal, especially for people who want to plan ahead," he said.
Rep. Jim Slattery did not cosponsor the bill. Howard Baulee, Slattery's Washington, D.C., office director, said no one had asked Slattery to be a sponsor.
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Thank you to all KSA officers & members for your dedication and hard work in preparation of our annual "Korean Night." Additionally, a special thank you to the following for their contributions:
Chancellor Gene A. Budig
Mr. & Mrs. Hyeong Kwen Lee
Ms. Theresa Park
Mr. & Mrs. Ed Canda
Korean Presbyterian Church
Mr. Ki Joon Park, and
Lawrence Tae Wkwon Do School
Ms. Joy Blair
Ms. Sue Blair
Ms. Nan Kim
Ms. Anna Long
Ms. Eun Joo Lee
Ms. Mi Kyong Kang
Ms. Catharine Kim
Shin Asian Market
KSA Faculty Advisors:
Prof. Dae Sung Bae
Prof. Seung Soo Park
Prof. Tag Gon Kim
Prof. Wowhan Wakap
Prof. Wo Shik Jung
Korean Consulate General, Chicago
Lawrence Journal World
Union Dulcid Services
University Student Senate
Mr. Rashid Zulu
Mr. Michael Diggs
Mr. Carl Damon
Senate Finance Committee
Senate Minority Affairs Committee
Center for East Asian Studies
Mr. Marshall Jackson, and
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Dr. Roger Stoner
Ms. Denise Brubaker
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University Events Committee
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Ms. Jalenda Motley, and
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For those who were unable to attend, the evening's performances were video taped by the Office of University Relations. A copy of the tape is also available at the Center for East Asian Study, 105 Lippincott.
Rose Stone KSA Undergraduate President
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