The Oklahoma 529 College Savings Plan allows families to deposit funds into an account that will earn interest over time. When higher education costs arise, families will be able to use the funds from this account to help pay for their child’s education. It only takes a few minutes to set up an account online. There are a variety of low-cost investment options to choose from, and funds can be electronically deposited into the account or mailed in.
529 Plan funds can be used at most accredited colleges and universities in the United States. Expenses that the Oklahoma 529 College Savings Plan will cover include tuition, fees, books, supplies, certain room and board costs, and some technology equipment required for courses.
Saving for the future isn’t always easy, but being financially ready when your child goes to college will be well worth the investment. Here are a few things to think about when considering opening an Oklahoma 529 College Savings Plan:
- Contributions made to the 529 Plan grow as tax-free earnings in the account and can be deducted from your Oklahoma taxable income.
- Regular contributions, even if they start as small amounts, add up over time. Consider making small automatic contributions or direct deposits into the account every pay period.
- Don’t wait, and don’t panic if your child is closer to college than diapers. Whether your child is in pre-school or high school, start saving for higher education expenses today. Focus on saving as much as you can afford within your means.
- A 529 Plan account can be a community effort. Parents, grandparents, uncles, aunts, and family friends can contribute to your child’s 529 Plan account. Encourage family members to contribute to the fund for children’s birthdays and holiday gifts.
For complete information about the Oklahoma 529 College Savings Plan, visit OK4saving.org.