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Ohio Teams And Ohio 529 Are Part Of March Madness 2022

Ohio is part of March Madness 2022. Dayton is hosting the First Four on March 15-16. With the Ohio State University, University of Akron, and Wright State University men’s basketball teams, and the Ohio State University and University of Dayton women’s teams selected for their respective tournaments,

Additionally, the Cleveland State University, University of Dayton, University of Toledo, and Xavier University men’s basketball teams, as well as the Kent State University, Ohio University, University of Akron, University of Toledo, and Youngstown State University women’s teams are participating in the National Invitation Tournament.

Ohio is well represented in these nationwide contests. The teams’ hard work, perseverance, and dedication propelled them to the national stage.

Ohio’s 529 Plan, CollegeAdvantage, has also been nationally recognized for our hard work, perseverance, and dedication to extend the best tax-free college savings plan possible to Ohioans as well as out-of-state residents.

Why save in Ohio’s 529 Plan?

If you are ready to start saving for your children’s future higher education and want to learn more about tax-advantaged 529 plans, Saving For College is an unbiased, industry-trusted informational website, which provides detailed analysis and articles on 529 plans, financial aid, and scholarships, as well as tools to estimate college expenses.

Saving For College consistently recognizes Ohio’s Direct 529 Plan as one of the best plans in the nation for both Ohioans and non-Ohio residents.

Savingforcollege.com also ranks the nation’s 529 programs based on how well they serve both in-state and out-of-state residents with its 5-Cap Rating. Ohio’s Direct 529 Plan has earned the top 5-Cap Rating for both in-state and out-of-state residents as of January 9, 2022. This makes Ohio’s 529 Plan one of only two Direct 529 plan nationwide to achieve this honor for both in-state and out-of-state residents.

Additionally, Ohio’s 529 Plan has been named one of Military Saves’ Savings Champion for our continual support of this important program. Military Saves is part of the nonprofit Consumer Federation of America and is an initiative of America Saves. Military Saves works with government agencies, defense credit unions, military banks, and nonprofit organizations to promote savings and debt reduction.

Morningstar ranks Ohio’s Direct 529 Plan as Silver. In addition, BlackRock CollegeAdvantage 529 has a bronze ranking. This makes Ohio one of only two state programs that have their Direct and Advisor 529 Plans ranked as medal-class college savings programs by Morningstar. The high ranking for both CollegeAdvantage 529 Plans highlights the strength of these two college savings plans as well as the industry’s regard for Ohio’s 529 Plan as one of the best in the nation.

Forbes Advisor ranks Ohio’s 529 Plan as one of the six best college savings programs in the nation. According to their explanation: “Ohio’s 529 Plan comes with features in line with the other plans on our list, including low fees, a range of investment options and a tax deduction for Ohio taxpayers. … The plan also comes with a minimum contribution, both to open the account and for each contribution thereafter. But it is small ($25) and likely manageable for many plan participants.”

Also, CNBC selected Ohio’s 529 Plan as one of the five best programs nationwide. As they wrote, “There isn’t much not to like about the CollegeAdvantage 529 plan — there’s a good mix of investment options (including FDIC-insured accounts), low fees and plans from top companies like Dimensional Fund Advisors. In fact, overall management fees are some of the lowest we’ve seen. Combined with low expense ratios, this makes this plan one of our top picks.”

Use Ohio’s 529 Plan almost anywhere

March Madness is a reminder of Ohio’s great higher education academic and athletic record. CollegeAdvantage is proud to be used at any federally accredited post-secondary educational whether it’s a four-year university or college, a two-year community or technical college, a trade or vocation school, an apprenticeship, a certificate program, and graduate and professional school. This also means that there are thousands of schools across the country for you to use our own personal 529 account for your own higher education.

However, just because you save in Ohio’s 529 Plan, it does not mean your child is limited to only Ohio schools. You can send your child and your Ohio’s 529 Plan funds to almost any federally accredited school nationwide. You can find out if the school your child wants to attend is federally accredited by searching The Free Application For Federal Student Aid or FAFSA. If the institution is listed in the Federal School Code Search, it means the school accept federal financial aid; therefore, your Ohio 529 plan funds can be used there.

This also means that there are thousands of schools across the country at which to use an Ohio 529 account for a higher education.

Easy savings three-pointer — the three Ohio 529 Plan tax advantages

Ohio’s 529 Plan, CollegeAdvantage, helps families across the nation save money for their children’s future higher education costs with tax advantages. First, grow your 529 account with tax-free earnings. This means all the investment growth is yours to use for your children’s future college costs. Compound interest, which is the interest earned on contributions, earnings, and interest already accumulated in the 529 account, is included in the tax-free earnings. Second, when used for qualified higher education expenses, withdrawals from your 529 plan are tax-free. Third, if you are an Ohio resident, then you can deduct 529 contributions from your Ohio taxable income, up to $4,000 per year, per beneficiary, with unlimited carry forward. This means that the $4,000 per year, per beneficiary is not a contribution cap. You can continue to subtract $4,000 per year, per beneficiary, from your Ohio taxable income until all the 529 contributions have been deducted.

While watching your school in March Madness, remember that it’s a lot cheaper to save for college now and earn interest in an 529 account than pay off students loans with accumulated interest later. 

Like the basketball teams representing the great State of Ohio, CollegeAdvantage is proud to represent Ohio’s 529 college savings program on the national stage. Like these teams, we’ve earned our accolades. If you liked to learn more on how to save for your child’s future higher education costs, visit CollegeAdvantage.com. When you’re ready to open an account, you can do it in a few minutes online to save for your child’s future training and higher education. Learn, plan, and start with Ohio’s 529 Plan today at CollegeAdvantage.com.

Posted on March 15, 2022

Ohio Tuition Trust Authority

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