How to get your College Savings Month Bonus:
Get the Bonus:
Meet the eligibility requirement by adding a recurring contribution for at least three months. Your bonus will be deposited in your account on or before April 30, 2021.
It's that easy!
The benefits of an Oklahoma College Savings Plan (OCSP):
Any savings in an OCSP account 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.
In addition to federal tax benefits, there are state tax benefits as well.
Contributions are deductible for Oklahoma income tax purposes up to $10,000 per year for a single return or $20,000 per year for a joint return. If you exceed this amount, you can carry over the excess amount for the five taxable years following the deduction. You should talk to a qualified advisor about how Oklahoma tax provisions affect your circumstances.
Financial aid friendly1
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 Option to any of our 8 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.
1The treatment of investments in a 529 savings plan varies by school. Assets are typically treated as the account holder’s and not the student’s. (Student assets are generally assessed at 20% whereas parental assets are generally assessed at 5.6%.) Any investments, including those in 529 accounts, may affect the student’s eligibility to get financial aid based on need. You should check with the schools you are considering regarding this issue.