The Month of May in Indiana is not only when the “greatest spectacle in racing” takes place but 5/29 College Savings Day happens as well! Indiana’s CollegeChoice 529 Savings Plan is reminding Hoosiers of the importance of planning for post-secondary educational expenses. To emphasize that need, CollegeChoice Direct 529 is giving away a $5,000 account, while CollegeChoice CD is holding a free webinar with giveaways to engage Hoosier families on the basics of saving.
“Recent studies have shown students who have 529 college savings plan (529 Plan) when in the 5th grade or younger are seven times more likely to attend and four times more likely to graduate from a post-secondary educational program if they know they have a college savings account,” stated Treasurer Mourdock. “I encourage Hoosier families to take the time this month to discuss their college savings goals and learn how a 529 Plan, such as CollegeChoice 529 account, can help make those goals a reality. Regular saving is critical and communicating that need to children will increase the likelihood of them attaining a post-secondary education.”
Indiana’s CollegeChoice 529 is a tax-advantaged investment plan designed to encourage saving for higher educational expenses of a designated beneficiary. Withdrawals from 529 plans for qualified education expenses are free from federal income tax, and Indiana residents are eligible for a 20% state income tax credit, up to $1,000, for contributions into a CollegeChoice account.
“We are excited about reminding Hoosiers to open or contribute to their CollegeChoice 529 accounts throughout 5/29 College Savings Day,” explained Treasurer Mourdock. “I hope all Hoosiers take advantage of the activities and giveaways we are providing to celebrate the ‘greatest spectacle in savings.’”
To enter the $5,000 CollegeChoice Direct giveaway, please visit www.collegechoicedirect.com/giveaway. For more information on the CollegeChoice 529 Plans and other 5/29 Day giveaways, please visit www.collegechoiceplan.com.