UESP is a program authorized by the 1996 Utah legislature designed to encourage adults to save for the future educational expenses of young people. UESP encourages such savings by providing incentives for those who participate. Parents can save for children. Grandparents can save for grandchildren. Aunts and uncles can save for nieces and nephews.
Friends can save for friends.
Funds saved through UESP are invested with assistance from the State Treasurer. However, participants may save more for beneficiaries who plan to attend a more expensive institution. A participant can designate the institution the beneficiary plans to attend and contribute up to five years of undergraduate costs at that institution. Yes, a participant can save on behalf of multiple beneficiaries. Each Utah taxpayer is entitled to an income tax deduction for contributions to a UESP account.