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BlackAmericaWeb backs Black Wealth Network's tuition savings plan

(October 11, 2005) BlackAmericaWeb.com, the online property of Reach Media and The Tom Joyner Morning Show, is teaming up with Independent 529 Plan and The Black Wealth Network to increase awareness among African Americans about the importance of saving for college.

Independent 529 Plan is a prepaid college tuition plan tailored specifically for private colleges. More than 250 private colleges and universities throughout the country participate in Independent 529 Plan, which enables purchasers to lock in current tuition rates for future use at any of the participating institutions. Among the Plan's participating colleges are many of the nation's historically Black colleges along with many of the country's leading research institutions.

Supporting the effort is TIAA-CREF Tuition Financing, Inc. the program manager for the Independent 529 Plan. TIAA-CREF Trust Company, FSB, is the program trustee. TIAA-CREF is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural fields.

"The only national prepaid tuition program, Independent 529 Plan provides parents with an easy way to save for their child's education. It's like buying a shopping certificate for use at any of the stores at a mall," said Doug Brown, president and CEO of Tuition Plan Consortium, the nonprofit group that oversees the Plan.

In fact, because all colleges in the Plan must offer a discount off their current tuition rates, the certificates would cover slightly more tuition at each school. At a minimum, institutions must offer at least a one-half percent discount per year on their current tuition costs but are free to offer more.

"Its a natural fit with our Personal Finance Channel and a positive message to reinforce to our audience," said Katrina Witherspoon, Vice President of Interactive Media for Reach Media Inc. "The BlackAmericaWeb.com Personal Finance Channel offers information and tools to empower visitors to change attitudes toward money management and to accumulate wealth."

"This is an important partnership for Independent 529 Plan and were looking forward to helping families learn more about this innovative way to save for their childs education," said Phillip Rollock, Vice President, Education Savings TIAA-CREF.

Individuals can open Independent 529 Plan accounts at no charge and locate member institutions by calling 1-888-718-7878 or through the Internet at www.independent529plan.org

The Black Wealth Network, an online investment service empowering African Americans of all income levels to create wealth for current and future generations, is supporting the effort through its current partnership with BlackAmericaWeb.com.

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