Why OCSP makes all your hard work pay off:
Enjoy 100% tax-free growth:
Your savings in the Oklahoma 529 College Savings Plan grow free of both federal and state taxes. That can mean a lot more money for your higher education expenses—as much as 25% more when compared to a taxable account.
Oklahoma residents can reduce their state taxable income by up to $20,000 if married filing jointly ($10,000 filing single) from contributions made into an Oklahoma 529 College Savings Plan.
Financial aid friendly
Money set aside in a 529 plan actually has less of an impact on financial aid than some other savings methods. That is because 529 assets are typically treated as the account holder’s (i.e. parent’s) and not the student’s.
Every school has a formula for how they calculate the “Expected Family Contribution” (EFC). In general, in EFC calculations, parent assets are assessed at approximately 5% whereas student assets are generally assessed at 20%. Meaning only 5% of parent assets are assumed to go toward how much a family should pay for college, yet a full 20% of the child’s assets are assumed to go toward college.
Bottom line, 529 savings have less of an impact when figuring financial aid than assets owned by the child (for example a custodial (UGMA/UTMA) account).
Flexible investment options
From our Guaranteed Investment Option to any of our 10 other choices, OCSP offers professionally managed investment options to fit your life situation, risk tolerance and college savings goals.
Everyone has their own comfort level when it comes to making their investment choices. To learn more about your investing style, we invite you to take our helpful Risk Tolerance Assessment.