Research shows that children with savings accounts, even small ones, are seven times more likely to attend college and twice as likely to graduate as their peers without savings accounts.
EMPORIA, Virginia (PRWEB) June 06, 2013
London Ford is one week old. Her mother, Michelle Murphy of Emporia, is thinking about sleeping, eating and diaper-changing schedules. College expenses, eighteen years in the future, would normally be far from her mind.
Except that little London already has a college savings account. Because she was born closest to 5:29 p.m. at Southampton Memorial Hospital on May 29, London is one of 18 newborns receiving college savings accounts with an initial $529 balance from Virginia529 College Savings Plan (Virginia529). May 29 (5/29) was 529 College Savings Day.
The 18 winning babies, along with the participating hospitals where they were born, are:
- Centra Southside Community Hospital: Raven Michael Dandridge, son of Avery Dandridge of New Canton
- Henrico Doctors’ Hospital: Evan Keith Collins, son of George Keith Collins of Glen Allen
- Inova Alexandria Hospital: Aubrey Rayne Scott, daughter of Allen Scott of Capitol Heights
- Inova Fair Oaks Hospital: Haylee Mae Miller, daughter of Monica Arrington of Centreville
- Inova Fairfax Hospital: Sebastian Mateo Gutierrez, son of Yuly Ramos and Paul Guitierrez of Annandale
- Johnston Memorial Hospital: Connor Emmanuel Allen, son of Justin and Samantha Allen of Glade Spring
- Martha Jefferson Hospital: Gabriel Del Rosario-McAdam, son of Mary McAdam of Charlottesville
- Sentara Leigh Hospital: Grayson Lee Welsh, son of VaLisa and Jacob Welsh of Virginia Beach
- Sentara Norfolk General Hospital: Morgan Delaney Raeburn, daughter of Ian Raeburn of Portsmouth
- Sentara Northern Virginia Medical Center: Tiana Marie Lewis, daughter of Deborah and Taconis Lewis of Lake Ridge
- Sentara Obici Hospital: Paris Taylor, daughter of Keara Watts of Wakefield
- Sentara Princess Anne Hospital: Hudson Schmidt, son of Kayla Schmidt of Virginia Beach
- Sentara Rockingham Memorial Hospital: Lillian Ralena lou Gainer, daughter of Felicia Hendricks of Edinburg
- Sentara Williamsburg Regional Medical Center: Silas Lee Lanier, son of Carissa Horner and Mitchell Lanier of Norfolk
- Southampton Memorial Hospital: London Ford, daughter of Michelle Murphy of Emporia
- VCU Health Systems: Christopher Alessandro Reina Martinez, son of Sandra Veronica Martinez-DeReina of Richmond
- Warren Memorial Hospital: Jayquan Omar Coleman, son of Devon Marie Coleman of Luray
- Winchester Medical Center: Emberlyn Nicole Baker, daughter of Danielle Kerns of Inwood
Virginia529, the state agency which administers Virginia’s college savings plan, has been awarding accounts to babies born on May 29 since 2009. The initiative is part of the agency’s mission to educate Virginia families about the importance of saving for higher education and the tax advantages of 529 plans.
“Research shows that children with savings accounts, even small ones, are seven times more likely to attend college,” said Mary G. Morris, CEO of Virginia529. “And they are twice as likely to graduate as their peers without savings accounts. We’re happy to give these children a jump start on bright futures.”
Virginia529 offers four tax-advantaged college savings programs that can be used at eligible public and private colleges and universities worldwide. The minimum contribution to open an account with Virginia529 is $25 and contributions grow free from state and federal taxes when used for qualified higher education expenses. In addition, Virginia taxpayers may deduct up to $4,000 in contributions per year per account from their state individual income taxes.
Learn more about 529 Day at Virginia529.com/529day.
About the Virginia529 College Savings Plan:
Virginia529 is a 529 college savings plan that offers flexible, affordable, tax-advantaged savings for qualified higher education expenses through its four programs – Virginia529 prePAID SM (prePAID SM), Virginia529 inVEST SM (inVEST SM), CollegeAmerica® and CollegeWealth®. With over 2.2 million accounts and $39 billion in assets under management as of December 31, 2012, Virginia529 is the largest 529 plan in the country. For more information on Virginia529’s college savings options, visit Virginia529.com.