NASHVILLE (AP) – Tennessee has a new college savings plan officials hope will help students afford a higher education.

Gov. Bill Haslam and several state officials announced the "TNStars College Savings 529 Program" on Tuesday.

Under the program, Tennesseans who open accounts with at least $50 will receive a one-time $50 match from the state. Those who roll over their account balances from other 529 college savings plans, including the state's prepaid plan, will get $100.

The program also has other benefits, such as federal tax-free earnings if the money is used for higher education expenses.

About four years ago, the state partnered with Georgia to start a college savings plan. The new one is specific to Tennessee.

Haslam praised the plan as a "great opportunity for Tennesseans who want to attend college."

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