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September is National College Savings Month

Columbus, OH – September is national College Savings Month and there is no better time than right now to open an Ohio 529 Plan for that special child in your life.

For over 30 years, Ohio’s 529 Plan, CollegeAdvantage, has helped families in Ohio and across the nation save money for their children’s future education after high school. Ohio’s 529 Plan is a tax-advantaged way to save for future higher education costs while contributions and earnings grow tax free. Any Ohio taxpayer including parents, grandparents, family members, and friends who contribute to a CollegeAdvantage account can claim a deduction of up to $4,000 per beneficiary, per year, from their state of Ohio taxable income. Account owners pay no taxes on the funds as they grow, and withdrawals used for 529-qualified higher education expenses are free from state and federal income taxes.

Funds saved in Ohio’s 529 Plan can be used at all types of qualified higher education institutions, including a four-year college or university (public or private), two-year community college, technical or trade school, certificate program or apprenticeship. Simply put, Ohio’s 529 Plan can be used nationwide at any institution that accepts federal financial aid, or any apprenticeship certified by the US Department of Labor. Funds can be used to pay for qualified higher education expenses including tuition, fees, room and board, books, computers, and more. Additionally, 529 plans can now be used for up to $10,000 student loan repayments for the beneficiary or their siblings.

Families can open an account for as little as $25. College Savings Month is a great time to begin saving for that special child’s future college education and an even better time to add to an existing account.

In honor of National College Savings Month, CollegeAdvantage has teamed up with Fifth Third Bank to offer a free webinar, “All About 529s.” Scheduled for 11 a.m. Thursday, September 16, the webinar will feature Tim Gorrell, Executive Director of Ohio’s 529 and Erin Warman, Assistant Vice President, Product Manager, Fifth Third Bank.  Together Tim and Erin will provide the latest information on 529 plans and answer any and all questions regarding saving in Ohio’s 529 Plan and preparing for higher education. The webinar is free and open to the public. You can register here for this webinar.

Visit Ohio’s 529 Plan and start saving today for your child’s future education. An investment in a 529 plan is an investment in your child where every dollar saved today is a dollar that doesn’t have to be borrowed later. Learn, plan and start with Ohio’s 529 Plan today at CollegeAdvantage.com.


About Ohio’s 529 Plan

Established Oct. 2, 1989, Ohio Tuition Trust Authority (OTTA) was originally created with the express purpose of helping middle-income families save for college. For over 30 years, Ohio’s 529 Plan has provided families across the nation flexible options and educational resources to invest for higher education expenses after high school.

Ohio’s 529 Plan is offered and administered by the OTTA, a state agency under the Office of the Chancellor of the Ohio Department of Higher Education. Ohio is the seventh-largest state sponsor of 529 plans in the country. Ohio’s 529 Plan is offered as the CollegeAdvantage Direct 529 Savings Plan and the Blackrock CollegeAdvantage 529 Plan, which is offered and marketed through BlackRock and sold through professional financial advisors. To learn more, explore Ohio’s 529 Plan – https://www.collegeadvantage.com/theplanthatcan.

 

Posted on September 08, 2021

Ohio Tuition Trust Authority

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