While you’re exploring the many options available to help you pay for college, keep this in mind: It’s much less expensive to save for college than it is to repay student loans–with interest. One savings option you’ll want to check out is the Oklahoma 529 College Savings Plan (OCSP). Here are a few benefits of the OCSP:
- It’s a tax-deferred account
- Multiple family members and friends can contribute to the account on your behalf
- It can pay for more than just tuition (covers fees, some room and board costs, etc.)
- It can be used at any accredited college in the U.S., and even certain colleges abroad
- Up to $10,000 can be used annually toward K-12 tuition
- There are several contribution options available that make adding to your OCSP easy and convenient
- An OSCP can be opened with as little as $25, and subsequent deposits can be as little as $25
- Contributors can deposit a maximum total of $300,000 to your account.
Visit OK4Saving.org to learn more about the 529 plan or to open an account.