Chancellor's Column - December 2004
Here’s an Unusual Holiday Gift Idea
With wall-to-wall holiday advertisements on television, radio and the newspaper, it might be tempting just to buy the latest toy, gizmo, book or movie for a family member. But soon, that gift may be all but forgotten, destined for a garage sale or gathering dust on a shelf.
Well, I have a timely suggestion. Why not give the gift of a brighter future?
A contribution to the Oklahoma College Savings Plan before Dec. 31 allows you to help someone save for college and provides you the added bonus of a tax savings this year. This doesn’t require 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 22,000 accounts have already been opened since the plan’s inception in April 2000, with assets totaling more than $104 million.
The funds from the plan can be used at nearly all Oklahoma colleges and universities and elsewhere in the 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 was 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. Adult students may open accounts for themselves, providing an easy way to save for college and receive a tax benefit.
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. And, over their lifetimes, college graduates will make $1 million more than high school graduates.
For more information on the Oklahoma College Savings Plan call toll free 1-877-654-7284 or visit www.ok4saving.org.