One Oklahoma child will have $5,529 to put toward his or her college education after this year’s Summer Savings Adventure Sweepstakes. The Oklahoma 529 College Savings Plan (OCSP) is working with two Oklahoma City Adventure District partners, Science Museum Oklahoma and the Oklahoma City Zoo, for the fourth annual Summer Savings Adventure Sweepstakes. At the end of the entry period one family will receive a $5,529 contribution toward an OCSP account.
Science Museum Oklahoma and the Oklahoma City Zoo are ideal partners for the Summer Savings Adventure Sweepstakes because of their commitment to continued learning and their popularity over the summer months while kids are out of school. Visitors to the popular destinations will see reminders to enter the contest posted throughout the facilities.
“The Summer Savings Adventure Sweepstakes encourages families to take advantage of this time of year to start making a plan to save for college,” said State Treasurer Randy McDaniel, board chair for OCSP. “Saving as early as possible is key to avoiding large amounts of student loan debt after college, and saving begins with making a plan.”
According to a recent Forbes article, more than 44 million student loan borrowers in the United States owe a collective $1.5 trillion. The report states student loan debt is the second highest consumer debt category, behind only mortgage debt.
“As a parent, I know that part of the summer will be spent preparing for the next school year locating supplies and buying new clothes,” said McDaniel. “If every family could also make preparing for college part of that plan, more children across the state would be set up for success in the future because at least a portion of their college costs would be covered.”
The sweepstakes begins Saturday, June 1 and closes at 5 p.m. on Wednesday, July 31. It’s open to Oklahoma residents who are parents, grandparents or legal guardians who are at least 21 years old and have a child or grandchild 16 years old or younger who is also an Oklahoma resident. One winner will be randomly selected once the sweepstakes closes. Visit www.ok4saving.org/SSA to fill out an official entry form and to view sweepstakes rules. Void where prohibited. No purchase required.
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 March 31, 2019, 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. Limitations may apply.
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.