Chancellor's Column - December 2003
A Holiday Gift of College Could Mean a Tax Savings for You
Not being much of a holiday gift shopper, I am always looking for an easy way to give a meaningful present. What better gift for someone than the promise of a brighter future?
A contribution to the Oklahoma College Savings Plan before December 31 allows you to help someone save for college and provides you with a tax savings this year. And, don’t think that it takes a huge investment; accounts can be opened for as little as $25, with a maximum annual state income tax deduction of $2,500 per account. More than 16,000 accounts have already been opened since the plan’s inception in April 2000, with assets totaling more than $62 million.
The funds from the plan can be used at nearly all Oklahoma colleges and universities and elsewhere in United States. They can be used to cover tuition, certain room and board expenses, books, and required fees and supplies.
The Oklahoma College Savings Plan is the only 529 plan qualified for an Oklahoma income tax deduction and is ranked among “America’s Best 529 Plans” by Money magazine in 2003. Investors can choose from several investment options.
Oklahoma’s colleges are a great value, and it’s never too early – or too late – to save for college. In fact, this program can be used for someone currently in college or adults interested in continuing their education.
The gift of a college education really is a gift for a better future. Eighty percent of college graduates earn more than those with just a high school diploma. Over their lifetime, college graduates will make $1 million more than high school graduates.
I contribute regularly to my grandchildren’s college savings accounts, and I hope you will consider it as well. For more information on the Oklahoma College Savings Plan call toll free 1-877-654-7284 or visit www.ok4saving.org.