SALT LAKE CITY (AP) - Utah's official college savings plan is now managing $5 billion in assets.
Officials with the Utah Educational Savings Plan say they reached the milestone Tuesday, and now have more than 211,000 accounts through the program.
Savings plan officials say it shows Utah families recognize the value of higher education and are planning for it early.
The program doesn't require a minimum deposit or balance to open an account, which allows families to save at their own pace.
Earnings through the plan grow tax-deferred and are exempt from federal and state income taxes when they're used for educational expenses such as tuition and books.
The money can be used at any institution that participates in federal financial aid programs, and isn't limited to schools in Utah.