It’s important to have a savings plan for college, and 529 plans are flexible, tax-advantaged ways to save for college for children or grandchildren.
Miami, Florida (PRWEB) May 22, 2014
May 29 (5-29) is National 529 College Savings Plan Awareness Day. This designated day of the year is for celebrating the importance of preparing for future college expenses and the advantages of 529 College Savings Plans.
“It’s important to have a savings plan for college, and 529 plans are flexible, tax-advantaged ways to save for college for children or grandchildren,” said Mandee Heller Adler, founder of International College Counselors.
For those unfamiliar with college savings, a 529 Plan is an education savings plan operated by a state or educational institution designed to offer a simple, affordable way for families to save for future college costs. These investment accounts allow tax-free growth and withdrawals of earnings for qualified expenses, including tuition, room and board, books and supplies, while attending an eligible educational institution.
The 529 is named after Section 529 of the tax code that created these savings plans. Almost every state has one or more 529 plans available. These plans differ from state to state.
In celebration of 529 day, a number of states are offering special promotions. A few of them are listed below.
Connecticut: CHET 529 Day Promotion
- Connecticut residents who are the parent, legal guardian or grandparent of a child born in Connecticut during the month of May 2014 are eligible for a chance to win a $1,529 contribution towards a CHET 529 plan account.
- Deadline: May 31, 2014
Florida: Florida “National 529 College Savings Day” Sweepstakes
- Ten winners will receive a $529 scholarship deposited into a Florida 529 Savings Plan account.
- U.S. citizens over 18 who open a Florida 529 College Savings Plan between April 28 and May 28, 2014 will be automatically entered.
- Winning is also possible without opening an account.
- Winners will be selected by random drawing.
- Deadline: May 28, 2014.
Maryland: College Savings Day at the Maryland Zoo and Zookeeper for a Day Giveaway
- Maryland parents can enter to win a chance to win a $529 Maryland College Investment Plan account, a Behind the Scenes Zoo experience, and a zoo family membership.
- The first 529 kids to visit the Maryland Zoo on Saturday, May 31, 2014 will receive a special admission of $5.29. Representatives from the College Savings Plans of Maryland will on site to answer any questions on 529 plans.
- Winner will be selected by random drawing.
- Deadline: June 6, 2014
New York: 529 College Savings Day Sweepstakes
- Enter to win $500 paid directly to the winner’s 529 Account (existing account or a to-be-established 529). Simply fill out an online form to win.
- New York State residents 18 years or older are eligible to enter.
- Deadline: May 31, 2014
Virginia529 Matching Contributions
- Open a new inVEST 529 account between May 15 and May 29, 2014 with an initial contribution of $100 or more and receive a $50 matching contribution from Virginia529.
- To earn the match, account openers must select 529 Day for "How did you hear about the program?" in the online application.
- All accounts opened during this time period will be entered into a drawing to win an inVEST account with an initial opening balance of $2,500.
- Those with existing accounts or who do not want to open an account may also enter the drawing here.
- More information
- Deadline: June 30, 2014
For more information on 529 savings plans, contact an expert college counselor at International College Counselors.
About International College Counselors
International College Counselors is an independent college admissions company that helps students in the U.S. and all over the world find, apply to, and gain acceptance into the college of their dreams. The college counselors are dedicated to helping students and their families successfully navigate the college admission process. For more information on International College Counselors or to contact an expert college counselor, please visit http://www.internationalcollegecounselors.com or call 954 414-9986.