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SOURCE Ohio Tuition Trust Authority
COLUMBUS, Ohio, May 1, 2014 /PRNewswire/ -- From May 1-June 9, CollegeAdvantage will be accepting online entries for a chance to win one of 20 College Savings Awards of $529 each. The giveaway is part of Ohio's celebration of National 529 College Savings Day on May 29.
CollegeAdvantage, Ohio's 529 Savings Program, is one of many plans celebrating 529 Day along with the College Savings Plan Network (CSPN). The purpose of 529 Day is to increase awareness among families throughout the country about the importance of saving for their children's higher education expenses.
Parents and grandparents can enter for a chance to win a CollegeAdvantage College Savings Award for the benefit of their child, grandchild, niece, nephew, self, friend, or other loved one. An account owner does not have to be related to the beneficiary of the account. CollegeAdvantage funds can be used to pay the beneficiary's qualified higher education expenses at any accredited college or university in the country.
"We're using this giveaway and 529 Day to encourage families to start saving today toward future college costs. Parents of newborns and young children who start saving today have a longer time horizon to make contributions and allow their savings to grow," said Paul Paeglis, executive director of the Ohio Tuition Trust Authority, which manages CollegeAdvantage.
"Families who are already saving with a bank account or other taxable vehicle can move their savings to the CollegeAdvantage plan to take advantage of the federal and state tax benefits," he added.
The public is invited to enter to win at www.CollegeAdvantage.com. No purchase is necessary. The giveaway is open to existing CollegeAdvantage account owners, the general public, and residents of any state. One entry per email address will be accepted. Each $529 College Savings Award will be awarded as a contribution to an existing or new CollegeAdvantage Direct 529 Savings Plan. To open a CollegeAdvantage Direct 529 Savings Plan account, the account owner must be 18 years old; therefore, to be eligible to win, entrants must be 18 or older. Complete rules are available on the web site.
About CollegeAdvantage Direct 529 Savings Plan:
CollegeAdvantage is Ohio's 529 college savings program, offered and administered by the Ohio Tuition Trust Authority, a state agency under the Office of the Chancellor of the Ohio Board of Regents. CollegeAdvantage is offered as the CollegeAdvantage Direct 529 Savings Plan and the CollegeAdvantage Advisor 529 Saving Plan offered through BlackRock and sold through professional financial advisors. The CollegeAdvantage Guaranteed 529 Savings Plan remains closed since the end of 2003 to contributions and new enrollments. The CollegeAdvantage program currently has more than $8.76 billion in assets under management as of March 31, 2014 and administers more than 640,000 college savings accounts.
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