BIRMINGHAM – “Alabama must do more to make a college education more accessible and affordable for all Alabamians, but particularly to those who are trapped in the generational poverty”, stated Jeremy Sherer, Democratic candidate for State Treasurer.

“In an effort to promote college savings for those who come from impoverished or low-income backgrounds, as well as those who would be a first generational college student in their family, I will work towards providing matching funds for those farthest from a college education, who participate in Alabama’s Higher Education 529 program.”

Alabama’s Higher Education 529 program differs from the much controversial, economically unstable Prepaid Affordable College Tuition (PACT) program, in that the State of Alabama does not guarantee its proceeds, though the program possesses the same tax advantages and can be used for not only tuition, but also college supplies and the cost of living expenses associated with college.”

“I believe that through working with Alabama’s colleges and universities, along with the contracted administrator of the Higher Education 529 fund, we can easily gather the necessary resources to do this.”

“529 accounts can be opened with a $250 deposit, or an automatic monthly investment of $25. Supplying the initial deposit or matching funds for families who are trapped in the cycle of poverty is a meritorious goal for us to work towards”.

“According to federal studies, the economic benefit of a college degree over the lifetime of a college graduate exceeds one-million dollars more than that of a high-school graduate.”

“By implementing this worthy initiative we can break the cycle of poverty for some Alabamians, enriching their lives, and our state through their increased earning capacity.”

“The recent bailout of PACT helped those that already can afford to save for college. We have to do something to help those Alabamians who can’t afford college. Moreover, matching contributions aren’t a handout or bailout, they are a helping hand. This is something we can and should do”.

Please contact Jeremy Faulkner at (205) 446-1342 with any questions.