A new Nebraska law is expanding how families can use their education savings accounts. As of July 17, Nebraska Educational Savings Trust, or NEST 529, funds can now be used to pay for eligible credential and career training programs in addition to traditional college expenses. The change comes under LB 748, passed by the Legislature and signed by Governor Jim Pillen earlier this year.
The expanded eligibility includes training programs in high-demand fields such as welding, electrical work, automotive repair, manufacturing, HVAC, health care, information technology, carpentry, construction, and commercial driver’s license training. Nebraska State Treasurer Joey Spellerberg says the law gives families more flexibility to prepare students for successful careers, whether that path includes a four-year degree, technical training, or an industry-recognized credential.
NEST 529 is administered by the Nebraska State Treasurer’s Office and has grown to roughly 307,000 accounts with more than $8 billion in assets. State officials say more than 22 percent of Nebraskans under the age of 18 have a NEST account, making it one of the nation’s most successful state-sponsored education savings programs.
