Oklahoma 529 College Savings Plan (OCSP)

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Inaugural Change the World Contest entries open February 1

Eight winners will each receive a $1,529 OCSP account; eight schools to receive $500
Feb 01, 2019

OKLAHOMA CITY – Officials with the Oklahoma 529 College Savings Plan (OCSP) are calling for entries to the inaugural Change the World contest. Students in pre-K through sixth grade are encouraged to describe how they will change the world after college through submitting an original video, poem, essay or drawing. Eight winners will receive a $1,529 OCSP account and each winner’s school will receive $500. The Change the World Contest runs February 1 – March 31.

According to CollegeTuitionCompare.com, the average cost of in-state tuition, fees, books and living expenses last year was nearly $19,000. With higher education costs continuing to rise, State Treasurer Randy McDaniel says he hopes Change the World sparks conversations with young Oklahomans, their parents, and their teachers to dream big while exploring career possibilities.

“Encouraging young students to consider how a college degree could change the course of their lives is integral to their success,” said McDaniel, who serves as OCSP board chair. “Talking to young Oklahomans about their dreams can inspire them to pursue their goals and truly make a difference later in life.”

Eight winners will be selected based on their demonstration of how they will change the world after earning a college degree. Other judging criteria include originality, creativity, design and organization. All participants must submit an official Change the World Contest entry form along with a video, poem, essay or drawing. Participants can submit entries online.

A panel of judges will select two winners per every two grades. Officials hope to recognize winning students and schools later this year. Entries can be submitted starting February 1 and must be received by 5 p.m. on March 31.

“A majority of OCSP beneficiaries are between the ages of six and 11. It’s encouraging to see families saving for college early. We hope to see more young students receiving the benefits of having an OCSP account,” said McDaniel.

Official Change the World rules, judging criteria, other important contest details and more information about the OCSP can be found at www.ok4saving.org/ChangetheWorld. No purchase necessary. Void where prohibited. Sponsored by OCSP.

Funding for OCSP prizes comes from the marketing budget of the Oklahoma 529 College Savings Plan; no state funds are used.

About the OCSP

Introduced in April 2000, the Oklahoma 529 College Saving Plan (OCSP) is Oklahoma’s direct-sold 529 college savings plan. It is designed for families who want to direct their own 529 college savings accounts. The plan is managed by TIAA-CREF Tuition Financing, Inc. Introduced in March 2009, OklahomaDream 529 Plan is offered through financial advisors and is managed by Allianz Global Investors. As of December 31, 2018, combined assets in both plans totaled nearly $1 billion.

Oklahoma taxpayers may deduct, from their Oklahoma adjusted gross income, up to $10,000 in contributions to the Oklahoma 529 College Savings Plan for individual taxpayers and up to $20,000 for taxpayers filing a joint return with a five-year carryforward. Read the Disclosure Booklet carefully.

Consider the investment objectives, risks, charges and expenses before investing in the Oklahoma College Savings Plan. Please visit www.ok4saving.org or call toll-free 1-877-654-7284 for a Plan Disclosure Booklet containing this and more information. Read it carefully.

Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarships and 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.

Consult your legal or tax professional for tax advice, including the impact of the new federal tax changes. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.

TIAA-CREF Tuition Financing, Inc., Program Manager. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributor and underwriter for the Oklahoma College Savings Plan.

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