Oregon College Savings Plan to give away five $529 accounts in recognition of National 529 College Savings Day
PORTLAND, Ore. — May 29 (5/29) is National 529 College Savings Day, and the Oregon College Savings Plan is recognizing the event with a promotion that will award five prizes of $529, each in the form of an Oregon College Savings Plan account. Eligible entrants can fill out the online entry form at OregonCollegeSavings.com/529 between 8 a.m. PDT on May 1 and 5 p.m. PDT on May 29.
US News and World Report estimates that over the past 20 years, the in-state cost of attending a public national university has increased by 237 percent (1). According to the Georgetown Center on Education and the Workforce, a bachelor's degree is now worth $2.8 million over a lifetime (2).
“National 529 Day serves to raise awareness to the benefits of investing in a 529 college savings plan,” stated Michael Parker, executive director of the Oregon College Savings Plan. “With the cost of a college education continually rising, it’s important that families take the initial step of opening an account to begin the process of saving as much and as early as possible. Our 529 day drawing offers an added incentive for families to take that step.”
Parker added that the 529 Day promotion is open to Oregon families who do not currently have an Oregon College Savings Plan account and also to existing Oregon College Savings Plan account owners.
Americans currently owe over $1.48 trillion in student loan debt, spread out among just over 44 million borrowers (3). State-sponsored 529 college savings plans, like the Oregon College Savings Plan, can play a critical role in helping families reduce the amount of money they borrow while pursuing higher education goals.
The Oregon College Savings Plan is available to any U.S. citizen and offers a variety of low-cost investment portfolios to choose from, including age-based, multi-fund, single-fund and a guaranteed option. An account can be opened with as little as $25, and any earnings are federal and state tax-free. Oregon taxpayers can also benefit from a state income tax deduction against their contributions each year (limitations apply*). The Plan also offers certain gift and estate tax planning benefits (consult your tax advisor).
Withdrawals are tax-free at both the federal and state level when used for qualified higher education expenses, which include tuition, required fees, certain room and board costs, books, supplies, computers and related technology costs, including Internet access fees, software or printers. Funds can be used at most accredited colleges and universities in the United States and certain colleges abroad.
About The Oregon College Savings Plan
The Oregon College Savings Plan, which is part of the Oregon 529 Savings Network, launched in January 2001 and has grown to more than $1.7 billion in assets as of March 31, 2018. The plan is managed by TIAA-CREF Tuition Financing, Inc. For more information about the Oregon College Savings Plan, its investment options and how to enroll, visit OregonCollegeSavings.com or call toll free 866-772-8464. Follow the Oregon College Savings Plan on Facebook.com/OregonCollegeSavings and Twitter.com/OregonCSP.
*To learn more about the Oregon College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Disclosure Booklet at OregonCollegeSavings.com. Read it carefully. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. If the funds aren't used for qualified education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Consult your legal or tax professional for tax advice, including the impact of the new federal tax changes.
All social media platforms are managed by the State of Oregon.