Oklahoma 529 College Savings Plan offers bonus contribution for new accounts

"Treasurer encourages families to use National 529 Day to plan for the future"

OKLAHOMA CITY – Oklahoma families have reason to celebrate National 529 Day. For four days beginning on Tuesday, May 28, the Oklahoma 529 College Savings Plan (OCSP) will offer extra seed money to encourage more families to start saving for college. 

Accounts opened online from May 28 through May 31, with automatic contributions for six consecutive months, will receive a $50 bonus contribution from OCSP. Visitok4saving.org/529day for terms and conditions. Promotion ends May 31, 2019. Sponsored by OCSP.

“As college student loan debt continues to climb, saving early becomes even more critical to help ease the debt burden on  future graduates,” said State Treasurer Randy McDaniel, board chair for OCSP. “National 529 Day is a great time to take advantage of saving for your children or grandchildren while preparing them for success in the future.”

A recent report by The Institute for College Access & Success shows 1.5 million students graduated from a four-year college in 2016 with an average of $29,650 in student loan debt. The report states nearly 70% of all students graduating with a Bachelor of Arts degree have student loans.

Last year, more than 100 Oklahoma families took advantage of OCSP’s 529 Day promotion. Treasurer McDaniel hopes even more families participate this year.

“Opening an Oklahoma 529 College Savings Plan account is straightforward and user-friendly,” said McDaniel. “When you consider the impact it can have on your child’s future, it is well worth the investment of your time and money.”  

Accounts can be opened with a $100 contribution. Additional automatic contributions can be set up for as little as $25. Participants in the 529 Day promotion will receive the $50 bonus after making automatic contributions for six consecutive months. 

For more information about the Oklahoma 529 College Savings Plan visit www.ok4saving.org or call (877) 654-7284. Funding for OCSP prizes comes from the marketing budget of the Oklahoma 529 College Savings Plan; no state funds are used.