Salt Lake City, UT (PRWEB) September 07, 2012
The Utah Educational Savings Plan (UESP) and Zions First National Bank will award eight $1,000 UESP college savings certificates to support Governor Gary Herbert’s declaration of September as College Savings Month in Utah. The college savings certificates will be given to the winners of the UESP and Zions First National Bank “Make Your Mark” Bookmark Contest, open during the month of September to Utah residents who are students in kindergarten through 12th grade.
“The ‘Make Your Mark’ Bookmark Contest is an excellent reminder that a college degree is integral to a child’s success, and that saving for it ahead of time is one of the best ways to make it happen,” says David Buhler, Commissioner of Higher Education for the State of Utah.
The “Make Your Mark” Bookmark Contest offers Utah students the opportunity to design a bookmark on the Official UESP and Zions Bank Entry Form and submit it to UESP for entry into the contest. Governor Herbert is one of four judges who will select the winning entries. Entries will be accepted beginning Saturday, September 1, 2012, through 5 p.m. (MT), Monday, October 1, 2012. Official contest rules and the entry form are available to download from UESP’s website (Uuesp.org/bookmark).
“The contest is a highlight of the year for UESP,” says Lynne Ward, Executive Director of the Utah Educational Savings Plan. “We invite all students to exercise their creativity and enter the contest for the chance to get an instant head start on their college savings.”
Shauna Midgley, the mother of Nicole, one of last year’s eight winners, says she was pleased the contest prompted Nicole to think ahead. “Winning the contest has ignited a flame for her―she’s really thinking about her future and what she wants to be,” says Shauna. “It’s also motivated me to continue to save and develop the account that’s been started for her.”
UESP is highly recommended by Morningstar Inc., Money magazine, CBSMoneyWatch.com and financial expert Clark Howard.
UESP, which manages more than $4.8 billion in assets, requires no minimum deposits or balances to open an account, so families can save a little or a lot, according to their own schedules. Earnings on UESP accounts grow tax deferred and are federal and Utah state income tax free when used for qualified higher education expenses such as tuition, fees, certain room and board costs, and required books and supplies. Funds can be used at any eligible educational institution that participates in the federal financial aid programs for students, not just at institutions in Utah.
Utah taxpayers can claim a 5 percent annual Utah state income tax credit on contributions to each beneficiary’s account, if the beneficiary is under age 19 when designated on the account. For the 2012 tax year, account owners can claim a Utah state income tax credit for their UESP contributions up to $1,780 per qualified beneficiary if filing singly or $3,560 per qualified beneficiary if married filing jointly. Utah-based corporations that own UESP accounts can benefit from a $1,780 tax deduction per beneficiary.
For more information about the Utah Educational Savings Plan, visit uesp.org, call UESP at 800.418.2551 or e-mail info(at)uesp(dot)org.
Read the Program Description for more information and consider all investment objectives, risks, charges, and expenses before investing. Call 800.418.2551 for a copy of the Program Description or visit uesp.org.
Investments are not guaranteed by UESP, the Utah State Board of Regents, UHEAA, or any other state or federal agency. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-insured savings account. Please read the Program Description to learn about the FDIC-insured savings account. Your investment could lose value.
Non-Utah taxpayers and residents: You should determine whether the state in which you or your beneficiary pay taxes or live offers a 529 plan that provides state tax or other benefits not otherwise available to you by investing in UESP. You should consider such state tax treatment and benefits, if any, before investing in UESP.