PARSIPPANY, N.J. — New York Life Investment Management LLC (NYLIM) today announced that the maximum contribution limit for the CollegeSense 529 Higher Education Savings Plan has increased from $251,000 to $294,000.  

“Tuition and fees are rising an average of 7.7% a year*.  By increasing the contribution level, CollegeSense recognizes the very real rise in these costs and the need to set aside additional assets,” noted Beverly Moore, managing director of NYLIM Retail Markets. “With CollegeSense, parents can help fund their child’s education while ensuring the assets stay under their control.”

CollegeSense is a Section 529 college savings plan, distributed by New York Life Distributors, Inc. and administered by Schoolhouse Capital, LLC, that helps families save for the financial burden of a college education. Unlike other education savings vehicles, 529 plans offer flexibility and control over assets while providing meaningful gift, tax, and estate planning advantages.  CollegeSense is specifically designed for investors working with financial advisors

CollegeSense is an IRC Section 529 qualified tuition savings program available to all U.S. residents and sponsored by The Education Trust Board of New Mexico.  Please read the Disclosure Statement and the prospectuses of the mutual funds in which CollegeSense invests, available at www.collegesense.com or by calling us toll free at 1-866-529-SENSE, prior to investing.

With more than $148 billion in assets under management as of September 30, 2002, New York Life Investment Management LLC and its affiliates provide a wide range of investment services to institutional, individual, corporate, public, and Taft-Hartley clients, including institutional asset management, retail investments, retirement services, guaranteed products, real estate investments, and alternative investments. For more information, visit the New York Life Investment Management LLC site at www.nylim.com .

CollegeSense is offered through NYLIFE Distributors Inc., 169 Lackawanna Avenue, Parsippany, NJ 07054. There are fees and expenses as well as risks associated with investing in a 529 Plan. Please consult your financial professional.  Your investment objectives may not be met.  Potential investors may receive more favorable tax benefits from plans offered by their own states.  Investors should seek the advice of their financial advisor for answers to their particular situation.

Schoolhouse Capital, LLC., a subsidiary of State Street Corporation, was initiated  by State Street Global Advisors (SSgA) to provide integrated financial solutions to the education marketplace including colleges and universities, parents, students and families, and endowments and foundations.

State Street Corporation (NYSE: STT) is the world's leading specialist in providing sophisticated global investors with investment servicing, investment management, investment research and trading services. With $5.7 trillion in assets under custody and $707 billion in assets under management, State Street is headquartered in Boston, Massachusetts and operates in 22 countries and 100 markets worldwide. For more information, visit State Street’s web site at www.statestreet.com.

*Source: College Board, Trends In College Pricing 2002 Report