Treasurer Promotes ScholarShare as Governor Proclaims September College Savings Month; Groups Unite to Encourage Parents to Save for College

Business Wire, Sept 15, 2003

News Editors/Assignment Desks/Education Writers

SACRAMENTO, Calif.--(BUSINESS WIRE)--Sept. 15, 2003

Emphasizing that college is possible for every child, California State Treasurer Phil Angelides today helped launch "College Savings Month" and urged parents to save for their children's college educations by opening a tax-free savings account through The Golden State ScholarShare College Savings Trust (ScholarShare). The Governor has proclaimed September "College Savings Month."

Organizations endorsing College Savings Month include ScholarShare, a college savings program administered by the ScholarShare Investment Board. Also supporting College Savings Month are the California Association of Student Financial Aid Administrators, California Student Aid Commission, Unite LA, California Community College Chancellor's Office, Chela Financial (California Higher Education Loan Authority), University of Southern California, Caltech, CalSOAP (California Student Opportunity and Access Program) and Families in Schools.

In addition to the organizations already mentioned, College Savings Month is being supported by Future Ford/Nissan in Roseville, California, which, on the weekend of September 19-21, will give away 25 ScholarShare accounts valued at $100 each.

ScholarShare helps Californians save tax-free to meet the increasing costs of higher education. ScholarShare accounts are available to all Californians and can be opened for as little as $25 ($15 if your employer provides payroll deduction). Money can be used at accredited colleges throughout the United States and earnings that are used for qualified expenses are federal* and California income tax-free.

For more information on ScholarShare, call 1-877-728-4338 or visit www.scholarshare.com.

TIAA-CREF Individual and Institutional Services, Inc. and Teachers Personal Investors Services, Inc. distribute securities products. For more complete information on securities products, please call 1-877-728-4338, for prospectuses. Read them carefully before you invest. TIAA (Teachers Insurance and Annuity Association), New York, NY and TIAA-CREF Life Insurance Co., New York, NY issue insurance and annuities. TIAA-CREF Trust Company, FSB provides trust services. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

* The law allowing tax-free qualified withdrawals is set to expire

on December 31, 2010. Congress may or may not extend the law

beyond this date.