Stay Up to Date with the Latest Happenings
Oklahoma 529 College Savings Plan awards Jet family and school each with $5,529
OKLAHOMA CITY – One Alfalfa County student is closer to funding his college tuition before even graduating from high school. The Oklahoma 529 College Savings Plan (OCSP) kicked in more than $5,000 to Amber Green’s son’s college savings fund through its Pigskin Piggybank Sweepstakes. Her entry for her son Braxton, a junior at Timberlake High School in Helena, was randomly selected from more than 1,500 entries to win a $5,529 OCSP account.
Taking place throughout the height of football season, OCSP’s Pigskin Piggybank Sweepstakes celebrates the victories of saving for college early. Braxton’s school also received a $5,529 donation from OCSP.
“It still is hard to believe we are less than a year away from beginning the college application process with Braxton,” said Green. “While we have some savings started for him, this award will help with the expenses in the coming years. Every penny counts when it comes to paying for your education”
Braxton, his family, and the students and teachers at Timberlake High School celebrated their winnings at a short presentation between the girls’ and boys’ home basketball game on Dec. 11. Officials with the Office of the Oklahoma State Treasurer presented both with ceremonial checks.
State Treasurer Ken Miller said the inaugural Pigskin Piggybank Sweepstakes is another way to remind students and parents on the importance of saving for college.
“Starting to save early is the ultimate game plan,” said Miller, who also serves as board chair of OCSP. “Saving for your child’s higher education goals is much easier if a savings plan is started early. Braxton’s family received a great addition to their existing savings plan through this sweepstakes, but every family can chip away at saving for college by setting aside small amounts periodically.”
Braxton hopes to attend Northwestern Oklahoma State University in Alva and is considering a major in Agricultural Business. Prior to winning OCSP’s Pigskin Piggybank, Braxton’s mother had started a traditional savings account as their college funding plan.
This holiday season, parents, grandparents, relatives and friends can give the gift of a jump start on saving for college by opening an account on behalf of a beneficiary or by contributing to an existing account. Family and friends can open an account for a future student with a minimum initial contribution of $100. Current account holders can send an email through their accounts inviting others to contribute. The email contains a link that goes to a secure web page, where an electronic contribution can be made from a checking or savings account.
For more information about the Oklahoma 529 College Savings Plan visit www.ok4saving.org or call (877) 654-7284. 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 September 30, 2018, combined assets in both plans exceeded $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.
# # #