savings_stories_KLEPASKI_2

We were happy to receive a letter from the Ohio Tuition Trust Authority, asking us, as a very early customer, to reflect on this program and the meaning and value it has had for our family.

It’s easy to look back and have positive feelings on good financial decisions that we made. We were excited when the State of Ohio made this college savings program available because, with four children under the age of 12, we knew college costs were going be a big number the future. The program made it easy to save, a little bit at a time, for each child. From the start of our investing in the program 1990 through 2005, we contributed regularly to the program and we encouraged the children to make deposits, when possible, through earnings from their part-time jobs.

Our four children are all now grown and each of them a college graduate, and three of them with master’s degrees. We are a very traditional, middle-class family, who places great trust in the value of education. Even though the money invested in the OTTA was only able to fund a portion of college expenses, it was vital in making our college dreams a reality and was able to keep our children’s college debts reasonable.

Our oldest daughter, Janet, used her funds to attend Gannon University in Erie, PA, to obtain her degree in physician assistant studies. It was wonderful that our Ohio savings was able to be used in a private, out-of-state college. She has subsequently obtained her master’s degree and is employed as a pediatric surgical physician assistant at Mercy Health in Toledo.

Our next two daughters, Carolyn, and Jill, both attended Wright State University to obtain their bachelor’s degrees. Carolyn has her degree in early childhood education and is currently a stay-at-home mom, using her education to raise two of our perfect grandchildren. Jill, who earned a bachelor’s degree from WSU in business administration, is currently an admissions and communications coordinator at Wright State University Lake Campus in Celina. She also obtained her MBA from Wright State.

The youngest member of our family, David, is a graduate of the University of Toledo with his bachelor’s and master’s degree in recreation and leisure studies. He is a senior program director and teen director at the Wolf Creek YMCA in Maumee, Ohio.

Our family and the Ohio Tuition Trust Authority have had many changes in the past years. But the fundamentals remain the same; there is great value in education and investing in a child’s future is rewarded. We are so grateful, that through their hard work, and our financial help our children are all skilled and productive members of society. Our trust in the CollegeAdvantage program continues and we are currently contributing to CollegeAdvantage accounts to each of our eight grandchildren. These little ones may not be excited about receiving a notice on their birthdays and Christmas time that grandpa and grandma put money is their accounts, but eventually they will understand what a great gift this can be! 

We would encourage all Ohioans to learn about the opportunity and ease of using the CollegeAdvantage program and that making small, regular investments in a college savings program can make a big, rewarding result!

 

Elmer and Karen Klepaski

Coldwater, Ohio

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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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