Oklahoma 529 College Savings Plan (OCSP)

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State Treasurer McDaniel reminds Oklahomans 2021 Tax Savings Still Available

Free College Savings Webinar set for March 10
Feb 28, 2022

OKLAHOMA CITY — With millions of Oklahomans filing taxes in the coming weeks, State Treasurer Randy McDaniel is encouraging Oklahomans to take advantage of a state income tax deduction by contributing to the Oklahoma 529 College Savings Plan (OCSP).

“As families prepare to file their taxes, it’s important to remember the many benefits of saving now for their future educational expenses,” said Treasurer McDaniel, OCSP board chair. “An Oklahoma 529 College Savings Plan offers families a flexible account that can be used at colleges, universities and technical schools across the nation while also providing tax benefits today.”

Deposits made to a new or existing OCSP account through the April 18 tax filing deadline can be eligible for a 2021 state income tax deduction on contributions of up to $20,000 for joint filers. Limitations apply.1

According to the Federal Reserve, the average college debt a student graduates with is more than $38,000.2 On average, it takes 20 years to pay off student loans, according to Education Data Initiative.3

“The cost of college continues to rise,” said Treasurer McDaniel. “By contributing to an OCSP account now, Oklahomans can offset the cost of higher education for their children and grandchildren, enabling them to start their careers with less debt.”

Leading up to the tax filing deadline, Oklahoma parents and grandparents interested in learning more about saving for college are invited to attend a free webinar Thursday, March 10 at 11 a.m. Registration is required and can be found at The Buzz on OCSP’s website at www.ok4saving.org.

Funds saved in OCSP accounts may be used at colleges, universities and technology centers nationwide, for K-12 tuition up to $10,000 per year and apprenticeships.4 Account contributions are eligible for a state income tax deduction and earnings grow tax-free when used for qualified withdrawals.

Treasurer McDaniel also noted OCSP management fees recently were reduced, saving Oklahoma families in total $500,000 per year.

For more information about the Oklahoma 529 College Savings Plan, the March 10 College Savings Webinar or to open an account, go to www.ok4saving.org or call (877) 654-7284.


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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 open and manage their own 529 college savings accounts. The Plan is managed by TIAA-CREF Tuition Financing, Inc. As of December 31, 2021, assets in in the Plan exceeded $1.25 billion.

1To learn more about the Oklahoma 529 College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Plan Description at www.ok4saving.org. Read it carefully. 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. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or 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. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Oklahoma 529 College Savings Plan. Neither TIAA-CREF Tuition Financing, Inc., nor its affiliates, are responsible for the content found on any external website links contained herein.

2Kurt, Daniel. (2022, Jan. 3). Student Loan Debt: 2021 Statistics and Outlook. Retrieved from https://www.investopedia.com/student-loan-debt-2019-statistics-and-outlook-4772007.

3Hanson, Melanie. (2021, Dec. 16). Average Time to Repay Student Loans. Retrieved from https://educationdata.org/average-time-to-repay-student-loans.

4Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school, registered apprenticeship programs, and student loans can be withdrawn free from federal and Oklahoma income tax. If you are not an Oklahoma taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances.


Media Contact:
Tim Allen, Treasurer’s Office, (405) 522-4212, tim.allen@treasurer.ok.gov
Addie Chappell, Koch Comm, (405) 570-2959, addie@kochcomm.com

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