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Independent 529 Plan Announces Over $1M in College Tuition Redeemed

As the pre-paid tuition plan's assets exceed $131 million and its college membership expands to 270 schools, Independent 529 Plan reaches important milestones

Press Release

Independent 529 Plan Announces Over $1M in College Tuition Redeemed

September 2007—TIAA-CREF Tuition Financing, Inc. and the Tuition Plan Consortium announced that Independent 529 Plan—a four-year-old pre-paid tuition plan for the nation’s leading private colleges and universities—reached several milestones during the 2006-2007 program year, most notably the redemption of over $1 million in tuition through June 2007 and the addition of its 270th member college.

"Independent 529 Plan is growing steadily as more parents become aware that the plan allows them to lock in today's tuition rates for their children's future education," said Nancy Farmer, president and CEO of Independent 529 Plan. "With the cost of college tuition increasing about 6 percent every year, a prepaid plan provides an enormous opportunity for parents to save practically and affordably."

Among its many benefits, Independent 529 Plan offers the security of a guarantee against tuition inflation, freedom from federal income taxes, the flexibility of a national program, no program fees and tuition discount from member colleges.

Independent 529 Plan reported other successful achievements in the program year that ended June 30, 2007:

Total assets increased from $86.8 million to $131.7 million, up 52 percent
Individual accounts rose from 4,529 to 6,072, an increase of 34 percent
Individual contributions jumped from $17 million to $19.2 million, up 13 percent

Thirteen colleges recently joined the plan’s membership, bringing the total to 270:

Augsburg College (MN)
Ave Maria University (FL)
Concordia College (MN)
Concordia College (MN)
Concordia University (NE)
Concordia University (OR)
Concordia University (WI)
Covenant College (GA)
Dana College (NE)
Illinois Wesleyan University (IL)
John Brown University (AR
Trinity College (CT)
Wagner College (NY)
Xavier University (OH)

Princeton University, once again named the top college in the country in 2007 by U.S. News & World Report, is one of the many nationally recognized private universities participating in Independent 529 Plan, along with MIT, Emory, Johns Hopkins, University of Chicago, Carnegie Mellon and Stanford. Independent 529 Plan earned BusinessWeek's Best Products of 2003 Award.

About Independent 529 Plan

Independent 529 Plan is run by the nonprofit Tuition Plan Consortium and administered by TIAA-CREF Tuition Financing, Inc. Funds saved can be used at any of the 270 participating colleges and universities nationwide, as well as any that join in the future.

In return for account owners prepaying college costs, member colleges accept the investment risk and protect them from future tuition increases. Tuition purchased today is guaranteed to satisfy costs at the time the child enrolls. For example, someone who purchases a half-year of tuition today will receive a half-year tuition when the child later redeems the tuition certificate at a member college. This is true regardless of how much tuition rises or what happens in the investment markets.

For more information, visit www.independent529plan.org.

About TIAA-CREF

Independent 529 Plan operates under the direction of the Tuition Plan Consortium board, which is composed of 21 directors who are officers of independent colleges or affiliated organizations. Tuition Plan Consortium has entered into an agreement with TIAA-CREF Tuition Financing Inc. (TFI) to provide administrative, service, and marketing support to the program.

TIAA-CREF is a national financial services organization with more than $406 billion in combined assets under management as of December 31, 2006 and the leading provider of retirement services in the academic, research, medical and cultural fields. Currently, TIAA-CREF manages several state-sponsored 529 plans in addition to Independent 529 Plan. For more information about TIAA-CREF, visit www.tiaa-cref.org.

Media Contacts:
Jennifer Compton
TIAA-CREF
(202) 637.8938
jcompton@tiaa-cref.org

Marie Gehret
RF Binder Partners
(212) 994-7554
Marie.Gehret@rfbinder.com

» Current Participating Colleges

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	Participation in Independent 529 Plan does not guarantee admission to any college or university, nor does it affect the admissions process. Each year, each member college offers a discounted rate of at least 0.5% less than its current tuition rates. Discount rate can vary from year to year. Purchasers should read the Disclosure Booklet, including the Enrollment Agreement, carefully before making purchase decisions. Tuition Plan Consortium, LLC is the program sponsor and TIAA-CREF Tuition Financing, Inc. is the program manager. Tuition guaranteed by member colleges. © 2009 TIAA-CREF Tuition Financing, Inc.