Posts in General
As an existing Oregon College Savings Plan account holder, do I need to do anything to my account?

We have successfully transitioned from our previous plan manager to Sumday Administration, LLC.  All you need to do is use two of the following pieces of information in order to retrieve your account information: your account number, your Social Security number, and/or your date of birth. Once we verify your info, we will ask you to create a new secure password and from this point on your username will be your email address.

GeneralRachel Diesel
Who is Sumday?

Sumday Administration, LLC is the plan manager for the Oregon College Savings Plan. They provide the secure, online platform for all of our accounts. Sumday, a BNY Mellon company, is affiliated with one of the world’s largest financial institutions, The Bank of New York Mellon.

GeneralRachel Diesel
Why would I want to open an Oregon College Savings Plan account?

There are many great reasons to open an Oregon College Savings Plan account.

  • You can save more thanks to federal and state tax benefits.

  • The funds you save can grow tax free and be used towards more than just tuition. There are many types of qualified expenses. And withdrawals for those expenses can also be taken tax free.

  • You can benefit from our low fees, smart investment options and intuitive account management.

  • You can open an account in just a few minutes and with as little as $25. It’s never too late!

  • You can easily create your own gifting page to share with friends and family and help grow your account.

  • If you are an Oregon State taxpayer you are eligible for a state tax deduction.*

* 2019: Up to $4,865 for joint filers or $2,435 for single filers.

GeneralRachel Diesel
What is the Oregon College Savings Plan?

The Oregon College Savings Plan is a 529 College Savings Plan, sponsored by the state of Oregon, designed to help people in (and outside of) Oregon save for their education. Anyone who is a U.S. citizen or resident with a Social Security number or tax ID can open, or be the beneficiary of, a Plan account. Best of all, you can create an account online in just a few minutes with only $25 and there’s even a tax deduction for those who pay Oregon income tax.

Despite our name, you actually don’t need to use the funds saved in your account exclusively for college tuition. Funds can be used for any post-secondary institution that is accredited, meaning the school is eligible for federal financial aid. This can include university, college, community college, trade schools and graduate schools. Other qualified expenses for postsecondary educational needs, besides tuition, include things like books, computers, certain room and board, supplies and more. Learn more about our Plan, our investment options, and some of the benefits of having an account.

GeneralRachel Diesel
What is a 529 College Savings Plan?

A 529 College Savings Plan is an investment plan, often sponsored by a state, that comes with special tax benefits and is designed to help people save for a beneficiary’s (like a child’s or grandchild’s) education expenses. The money saved in a 529 account grows tax free and can be used to pay for eligible expenses like tuition, books and more. Withdrawals used for these types of qualified expenses are also tax free. The Oregon College Savings Plan is Oregon’s 529 plan.

GeneralRachel Diesel