Participants in the New York state’s 529 college savings direct plan will see fees cut by almost 50 percent, according to New York State Comptroller Thomas DiNapoli.

The state's direct plan’s total annual asset-based fee dropped to 0.25 percent from 0.49 percent across the plan’s entire lineup of Vanguard [see profile] investment options effective Aug. 29, according to a statement today from the comptroller’s office. The reduction could result in savings of almost $20 million annually for plan participants.

“Family budgets are getting tighter, but families still need to save for college,” stated DiNapoli. “When you’re saving for college, every dime counts.”  

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