OKLAHOMA CITY - The Oklahoma 529 College Savings Plan is celebrating 20 years of helping Oklahoma families save for higher education for their children and grandchildren.
With National College Savings Month in September, OCSP is offering a $25 match for any new account opened with at least $25 and three straight months of contributions of $25 or more from now until Dec. 31.
The Oklahoma 529 College Savings Plan is the only direct-sold, state-sponsored savings plan in Oklahoma, offering state income tax deductions, in addition to diverse investment options including enrollment-year options that adjust automatically as a child approaches the start of college.
Since January 2020, the plan has held over $1 billion in contributions for Oklahoma children's' college savings.
"For 20 years, OCSP has helped families prepare their children for exceptional learning opportunities and skill-building with a college education," said State Treasurer Randy McDaniel.
"As we look to the next 20 years, we are building off that success by encouraging more parents to open accounts early and build a strong foundation of prioritizing education for their children."
According to Student Loan Hero, Americans owe over $1.6 trillion in student loan debt, over $587 billion more than the total U.S. credit card debt.
This amount of debt hinders and delays new graduates from starting a business, buying a house or other things that could benefit their forthcoming plans.
"The future is in our young Oklahomans' hands, which is why we are encouraging forward-thinking parents to start saving early, even before their child is born," said McDaniel.
"Alleviating student loan debt creates more opportunities for innovation and expertise among our children."
OCSP accounts focus on long-term performance and are built to weather market volatility.
Any OCSP earnings are federal and Oklahoma income tax free when used for higher education expenses such as tuition, living expenses, books, supplies and fees.
Funds may be used at most private or public universities, colleges or career technology centers, nationwide. In addition, up to $10,000 per year may be used for tuition at private elementary and secondary schools.
For more information about the Oklahoma 529 College Savings Plan or to open an account, go to www.ok4saving.org or call 877-654-7284.