savings_stories_CUNNINGHAM

Ohio Tuition Trust Authority (OTTA) recently celebrated its 25th anniversary and is delighted to welcome Judy Cunningham to this silver milestone, too!

Tim Gorrell, executive director of OTTA, honored Judy’s exceptional accomplishment, stating, “For 25 years Ohio’s CollegeAdvantage 529 Savings Program has served over 750,000 beneficiaries. As a result, college or post-secondary training became doable for these recipients. With the help of CollegeAdvantage, careers were launched and lives were improved, immeasurably ensuring economic prosperity for thousands of families. A constant in this legacy is Judy Cunningham, who was a pioneer in the college savings initiatives and who has made an unquestionable difference passionately serving Ohioans and many beyond Ohio’s borders in achieving their college dreams.” 

As one of the first employees at OTTA, Judy decided to join the new agency because she was attracted to OTTA’s mission of helping families prepare for their children’s higher education. She could envision the success achieved by families who attained their college savings goals for their children and its ripple effect through generations to come.

Judy’s first role with the agency was as a production assistant, a position that blended public relations and outreach responsibilities. Additionally, she assisted in the customer service call center as needed. Judy was later promoted as the supervisor of the call center representatives/production assistants — employees who answered OTTA’s customer service phone lines during the day and then supported the speaking engagements and public events during the evenings and weekends. As OTTA evolved through the years, so did her roles. Now as the publication relations/community outreach manager, Judy has traveled the state encouraging parents to save for their children’s future college costs through Ohio’s 529 Savings Plan, CollegeAdvantage.

In her career, Judy has heard many people share how OTTA has helped them to financially prepare for higher education expenses. But, her favorite saving story is her own. She and her husband, Bob, opened CollegeAdvantage 529 Plan accounts while their children were young and then saved regularly. All of the money that accrued in the accounts truly benefited their children when they started college. Judy shared that her daughter, while attending the University of Akron, would sigh in relief upon seeing students queued up at the financial aid office. She knew that because her mom and dad had been saving though the 529 program that she didn’t have to go join those lines. Their son attended Thomas Moore College in Kentucky with the help of their CollegeAdvantage savings. As Judy states, “My own personal experience is my best story.”

Working at OTTA is wonderful, Judy says, for it’s “an agency that is very worthwhile and much needed for the families within the state of Ohio and throughout the country. It makes you feel good to know that you are helping and so, you enjoy the work.” Furthermore, Judy states, “I think that’s evident from how long everyone stays here. I might be the longest-serving, but there are a few others right on my heels. There are individuals coming behind me who have been here for nearly 20 years. So that’s indication that the work we do here has meaning and substance.”

Judy has a particular passion for trying to help low-income families to aspire to and achieve the dream of higher education. There is one aspiration Judy hopes to see come to fruition some day: the creation of a 529 scholarship program for low-income families in Ohio.

As for people who are considering a 529 plan, Judy has two recommendations. First, they should know that their 529 account can be used at colleges and universities across the country. Second, “Just get started!  You don’t have to be rich to participate in the program. What little bit you might have and you can afford to save will make a difference in the end.”

Over the past 25 years, Judy and OTTA have watched generation after generation help their children achieve a college education with no to little debt through CollegeAdvantage. Judy’s dedication has never wavered. We at OTTA thank her for all her years of loyal service to these families and this agency! 

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529 Short Course: New Parents

5 things every new parent needs to know about saving for education

  1. Why Ohio 529?
    529s are specifically created for higher education savings. Unlike a traditional banking account, a 529 account benefits from tax-free earnings and tax-free withdrawals. For Ohio residents, there is also a state income tax deduction for those contributions.
  2. It’s simple to start.
    You can open your 529 account online in minutes with as little as $25. With ready-made portfolio options, you don’t have to be a financial expert to feel confident in your savings plan choices.
  3. Set it and forget it with automatic deposits.
    The sooner you start saving, the longer your account benefits from the Ohio 529 tax advantages as well as compound interest. Many new parents take their 529 contributions off their to-do list by setting up small automatic deposits from either their banking accounts or paycheck. Also, with our ReadySave 529 app, it’s also easy to track and adjust your account right on your mobile device.
  4. Save for college, career training, and more.
    Ohio 529 can be used at over 30,000 schools of all kinds, nationwide, including universities; community colleges; trade, technical, and vocational schools; certificate programs; and apprenticeships. Your Ohio 529 account can also pay for K-12 tuition at a public, private, or religious school. And, if it’s not needed for educational expenses, you can now roll over your 529 to a Roth IRA.
  5. Others can help.
    It’s easy for family and friends to contribute to your child’s account and receive tax benefits for themselves. You can share your account’s unique Ugift number with others to contribute online without creating their own 529 accounts. Those who live in Ohio will also receive a state income tax deduction for their contributions. Also, you can sign up to have reminder emails sent to you and loved ones for the big milestones in your child’s life.

Hoping to find gold at the end of the rainbow? If you are saving with Ohio 529 CollegeAdvantage, you have the benefit of Ugift with your account, which is savings gold.

Ugift makes it easy for others to give to your Ohio 529 account. With Ugift, you generate a unique code which allows loved ones to contribute to your Ohio 529 savings plan without needing the actual account number. Once they have the Ugift code, your friends and family can visit Ugift529.com to make their online gifts directly to your 529.

When friends and family ask for gift ideas, share that you are saving for your child’s future education with Ohio 529. Then invite them to join in with gift contributions to your Ohio 529 account with Ugift. After all, a gift for your child’s education will truly last a lifetime.

The quickest and easiest way to pass along your child’s Ugift code is with the ReadySave 529 app, which you can access as an Ohio 529 CollegeAdvantage account owner. At the bottom of every page is an Ugift icon. Click on the gift symbol to view your Ugift code which you can send immediately as an invitation via texts, emails, and Facebook/Instagram chats from your phone.

Or log into your account online to view your child’s Ugift code to send to family and friends who would like to give the gift of education.

The Ugift code doesn’t expire. Which means whenever there is an occasion to celebrate­ like baby showers, holidays, birthdays, graduations, and special achievements, your family and friends can give to your Ohio 529 account. And they can choose to contribute as much as they want whenever they want. It can be a one-time gift or recurring gift; all they need is that Ugift code. Your loved ones’ contributions - whether big or small – will add up over the years. Added to the power of compound interest, these gifts will power your 529 savings to cover even more college and career training costs.

An added bonus for gift givers who live in Ohio: They are also eligible to receive a state income tax deduction for their Ohio 529 gift contributions, up to $4,000 per year, per beneficiary.

To learn more about all of the gifting options with Ohio 529 and order cards for special occasions, visit  529 Gift Central.

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