College savings plan offers new account bonus

For four days beginning on National 529 Day, May 29, officials with the Oklahoma 529 College Savings Plan are offering new account holders extra seed money to encourage Oklahoma families to save for college.

Accounts opened online from Tuesday through Friday this week, using the ok4saving.org/529day Web page, with automatic contributions for six consecutive months, will receive a $50 bonus contribution from the Oklahoma 529 College Savings Plan (OCSP).

“National 529 Day highlights the need for families to develop a plan to pay for college, and the occasion helps the public learn about how 529 plans like the Oklahoma College Savings Plan can be a part of that strategy,” said State Treasurer Ken Miller, board chair of the OCSP. “Even investing as little as $25 each month can make a big difference over time, and the more time you give those savings to grow, the better.”

Miller also noted that the average student loan

debt for the Oklahoma class of 2016 was $25,856, according to the Institute for College Access & Success.

“That’s a lot of debt to start your adult life with, but making a plan and investing regularly could reduce that debt significantly,” he said.

Those interested in opening an account and receiving the bonus contribution can go online to www.ok4saving.org/529day for complete terms and conditions and to open an account.

For more facts and figure about how Oklahomans are saving for college, go online to www.ok4saving.org/documents/OK_ infographic_may2018.pdf.

For more information about the Oklahoma

529 College Savings Plan, go online to 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, Miller said.