Just about anyone can open an account. Come join us!
Let’s face it. Getting an education isn’t getting any cheaper. With tuition expenses, fees, and even the cost of living on the rise, it can seem like a daunting task to start saving. The good news? You don’t have to do it alone. Parents, grandparents, other family, even friends—essentially 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.
Parents and guardians
If the thought of paying for your child’s education puts knots in your stomach, you’re not alone. College tuition? It’s no joke. But, take a deep breath and remember it’s not about paying for everything, it’s about saving what you can now. And although you may think you need to be a millionaire to make any sort of impact, you don’t. A study showed that children with even a small college savings account were 2.5 times more likely to enroll in and graduate from college than children without one. Even a modest monthly contribution has the potential to turn into some decent savings over time. See what we mean. And see how easy it is to get started today.
Grandparents, family and friends
Whether they’re family or friends, young or old, helping someone save for their education is a gift that will last a lifetime. Contributing to an Oregon College Savings Plan account is a great way to show your support.
If your friend or family member already has an Oregon College Savings Plan, you can easily make gift contributions to their account.
Open Your Own Account
Alternatively, you can open up your own account for a friend or family member and control how your money is invested, how it’s spent and even when the funds can be used. The good news? Your contributions grow free from federal and state tax, and their qualified withdrawals are tax free, as well. Looking to make a substantial contribution? There are even special federal gift tax benefits on larger monetary contributions.
It’s your education, after all, so why not at least reap some benefits in saving for it. With an Oregon College Savings Plan account, if you’re at least 18 years old, you can be both the account owner and the beneficiary. The money you save in an Oregon College Savings Plan account can grow tax free and if used to pay for a qualified expense (like tuition, books, or even room and board) those aren’t taxed either. Saving for yourself is a win-win!