Schoolhouse Capital is designed to bring integrated financial solutions to the education marketplace. The firm also announced today the launch of its first product, The Education Plan, a “Section 529” college savings program available to all U.S. residents.
Section 529 plans are named for the section of the Internal Revenue Code that created them. They offer consumers a tax-advantaged way to save for higher education expenses such as tuition, housing and books.
Online “Education Exchange”
According to a press release, the Education Plan is the only Section 529 program to:
- use a multi-manager platform
- allow investment choice between age-based funds and customized allocations
- offer on-line enrollment and money transfers from individuals’ bank accounts.
Schoolhouse Capital intends to develop an “education exchange” in which all types of providers and users of educational products can meet to buy, sell and finance education.
Ralph J. Constantino, director of the Special Investor Markets Group at SSgA, has been named chief executive officer of Schoolhouse Capital. Ted Miller, a senior principal at SSgA responsible for building bundled investment solutions for the 401(k) market, will become chief operating officer of Schoolhouse Capital.
Multiple Distribution Channels
Schoolhouse Capital will employ a variety of distribution channels, including financial intermediaries, the Internet, employee worksites and conventional direct marketing. Schoolhouse has signed a distribution agreement with E*Trade to assist in marketing and selling The Education Plan (NewsDash 08/07).
There’s more information online at www.theeducationplan.com , or you can call 1-877-EdPlan8, Monday – Friday, from 9:00 a.m. to 12:00 midnight, Eastern Time.
State Street Global Advisors is the asset management group of State Street Corporation.
– Nevin Adams firstname.lastname@example.org