Simply put, we’re here to help you save.
Starting a savings plan may seem daunting, but it doesn’t have to be. Even with a modest investment, you can give a future student (or even yourself) a head start by investing in an Oregon College Savings Plan account. The Oregon College Savings Plan is designed to help people in (and outside of) Oregon save for education, no matter their budget or timeline. It takes just $25 and a few minutes to get started. And if that’s not encouraging enough, a study conducted by the Center for Social Development found that kids who have a college savings account (even a small one) are 2.5 times more likely to enroll in and graduate from college than children without one.
How does it work?
The Oregon College Savings Plan is a state-sponsored 529 plan that come with special tax advantages and can be opened by just about anyone—parents, family, friends, even future students. The money saved in the Oregon College Savings Plan grows tax-free and can be used for qualified expenses like tuition, books, room and board, computers and more. It’s never too early or too late to start saving. Every dollar counts!
Who can participate? Just about anyone.
Parents, grandparents, other family and friends — anyone who is a U.S. citizen or resident with a Social Security number or tax ID can open, or be the beneficiary of, an Oregon College Savings Plan account.
What can I use my account funds for? More than you know.
Funds can be used for any post-secondary institution that is accredited throughout the United States and internationally, meaning the school is eligible for federal financial aid. This can include university, college, community college, trade schools and graduate schools. The money you save in an Oregon College Savings Plan account can be used towards qualified expenses for things like tuition, books, certain room and board fees — even computers and software.
What are the fees? Lower than you think.
There is a low annual fee of 0.25% of your total savings in order to keep your account running and an annual investment fee (ranging from 0% to 0.466% of your total savings) based on the on the investment portfolio(s) you’ve selected. There are no other recurring fees when you choose to manage your account online and receive statements and withdrawals electronically. If you choose to manage things offline or require printed materials, there are some additional fees. Learn more about account fees.
Is there any additional tax benefit for Oregon residents? You bet.
If you are an Oregon resident and taxpayer, you may be eligible for an annual tax deduction on your account contributions up to a certain amount, as long as your contribution is made prior to filing your state tax return that year. Learn more about Oregon income tax deductions.
I’m new to investing. Is this complicated? Quite the opposite.
We believe that investing shouldn’t be intimidating. That’s why the Oregon College Savings Plan has chosen Sumday Administration, LLC, to be our plan manager. Their intuitive platform and simple interface makes it easy to open an account, add or withdraw money, and keep an eye on things over time. Any questions you might have should be covered in our FAQs, but if you still have others, don’t hesitate to reach out to our customer service team.
Already have an account?
Head’s up! We have a new plan manager.