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Ohio Department Of Higher Education Veterans Military Support Services

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Ohio's 529 Plan Celebrating April As Military Saves Month

At Ohio’s 529 Plan, CollegeAdvantage, we believe all types of savings are critical for your family’s financial success, not  just higher education savings. That’s why we are a proud supporter of Military Saves and Military Saves Month, which is held during the month of April. 

Military Saves Month was established to encourage households and individuals to develop good saving habits. Military Saves is a component of the America Saves organization, which managed by the Consumer Federation of America (CFA), dedicated to helping individuals save money, reduce household debt, and build wealth. Military Saves Month 2022 proud participant badge

This year, Military Saves Month theme is: “Building Financial Resilience.” Each week will focus on one aspect of these themes.

April 1 Save Automatically

April 4-8Save for the Unexpected

April 11-56Save for Retirement

April 18-22Save by Reducing Debt

April 25-29Save as a Family

Like all participating organizations, Ohio’s 529 Plan encourages you and your family to set a financial goal together, make a plan to achieve it, and then save automatically, heading off the possibility that you might spend the money elsewhere. And Ohio’s 529 Plan is honored to have been recognized in 2021 as a Savings Champion by Military Saves. We truly believe financial education is crucial for every family and are proud to support Military Saves efforts to “motivate, support, and encourage the entire military community to save money, reduce debt, and build wealth.”

Since 2007, more than 330,000 individuals have taken the Military Saves Pledge. If you’d like to commit to saving a certain dollar amount over a set period of time, you can take the Military Saves pledge. You will receive encouragements, advice, and reminders to keep focused on your goal.

Readiness, a term that all Military personnel can wholeheartedly understand, is the preparedness of persons, systems, or organizations to meet a situation and carry out a planned sequence of actions. Just as Military personnel must be prepared for current and future missions, personal readiness for life’s contingencies is equally important,” said Tim Gorrell, the Executive Director of Ohio’s 529 Plan.

If one of your long-term savings goal is paying for some of your children’s future higher education, visit Ohio’s 529 Plan, CollegeAdvantage, to learn about all the benefits of saving in a 529 plan. In addition to all the tax advantages, you can save in Ohio’s 529 Plan and use those funds nationwide to pay for qualified higher education expenses at four-year colleges and universities, two-year community colleges or technical schools, trade or vocational schools, apprenticeships, and certificate programs that have a  Federal School Code on the Free Application for Federal Student Aid (FAFSA). 529 plans can now be used at apprenticeship programs registered with the Secretary of Labor’s National Apprenticeships Act.

A 529 plan can supplement your Post-9/11 GI Bill. Administered by U.S. Department of Veterans Affairs (VA), this federal program assists in transitioning our veterans back to civilian life by paying their higher education expenses—whether undergraduate or graduate school, vocational/training programs, apprenticeships, and flight training. The GI Bill includes 36 months of education benefits: full in-state public school tuition and fees (there is a national maximum rate cap for tuition and fees for attending a private college), monthly housing allowance if a veteran is in school more than half time, and an annual books and supplies stipend.

If service members choose not to use all of these benefits for their own higher education, they can transfer unused GI bill benefits to their dependents, either their spouses or children, to pay for their college or vocational training.

If you split your Post-9/11 GI Bill benefits among multiple dependents, then a 529 plan can help cover the remaining  qualified higher education expenses associated with attending a two-year or four-year college, trade or vocational school, apprenticeship, or certificate program. Eligible expenses range from tuition; mandatory fees; computer equipment and related technology and services; books; supplies, and equipment required for enrollment or attendance; room and board costs or off campus housing during any academic period the beneficiary is enrolled at least half-time; and certain expenses for a special-needs student. Room and board costs can also include rent for off-campus residency and groceries (non-taxable items), provided these costs are equal or less than the same room and board allowances from the accredited education institution. Also, qualified apprenticeships costs such as fees, textbooks, supplies, and equipment like required trade tools can now be paid for with a tax-free 529 withdrawal. The apprenticeship program must be registered with the Secretary of Labor’s National Apprenticeships Act in order to use a 529 plan withdrawal. Interested parties can check the U.S. Labor Department’s search tool to confirm that a program is registered, and therefore, eligible for a 529 withdrawal.

If your family is suffering economic hardships to due to COVID, Military Saves has compiled a list of resources available to military families during this time.

Visit Ohio’s 529 Plan online to 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. A 529 account can be used for whatever school comes after high school. Learn, plan, and start with Ohio’s 529 Plan today at  CollegeAdvantage.com.

 

Posted on April 01, 2022

Ohio Tuition Trust Authority

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