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Any RF employee enrolled in payroll direct deposit can open a tuition savings account for a specified beneficiary such as their child, grandchild, other relative or friend - or even yourself.
Contributions to the account are invested according to the investment options selected by you, the employee (account owner). The account owner can withdraw money without penalty to pay for the qualified higher education expenses of the beneficiary.
The first $5,000 which is invested each year for a future college student will be deductible from New York State gross income when the employee files his or her state income tax return.
A married couple filing a joint return may deduct up to $10,000 per year. Investment earnings will not be taxed by the state government as long as the money withdrawn is used for qualified higher education expenses.
Withdrawals used by the beneficiary for qualified higher education expenses are not subject to federal or New York State income taxes.
Enroll in your Campus Direct Deposit Program (check with your campus benefits office to determine if you are qualified for this program).
Contact your campus Benefits Office for the required forms and enrollment kit or visit the New York College Savings Program Web site.
Your payroll deductions for the College Savings Program will begin the second payroll period after the RF payroll office receives your forms.
Another significant advantage in employment with the RF is that we are a qualifying employer in the federal Public Service Loan Forgiveness (PSLF) Program.
What this means to you is that you may qualify to have the remainder of your student loan balance forgiven in its entirety if you meet ALL of the following conditions:
This could save you thousands of dollars!
Additional information can be found on the program Web site.