SALEM, Ore.--(BUSINESS WIRE)--The holiday season has arrived, and with it, the quest for the perfect gift. While a trendy toy or must-have gadget might prove popular today, perhaps no holiday gift is more enduring than the gift of education. Parents, grandparents and others can give that gift by setting up or making contributions to the Oregon College Savings Plan.
“It is never too late to start saving for a college education”
Now more than ever, contributions to the Oregon College Savings Plan can make for an ideal holiday gift; saving today may help ensure lower college loan debt in the future. The Project on Student Debt (an initiative of the Institute for College Access & Success, 2012) reports that two-thirds of college seniors who graduated in 2011 had student loan debt, with an average of $26,600 per borrower. That figure suggests students of tomorrow could benefit from the assistance of the college savings plan.
“It is never too late to start saving for a college education,” noted Michael Parker, Executive Director of the Oregon 529 College Savings Network. “Even relatively small, regularly-scheduled contributions can add up, especially if contributions become a monthly or annual tradition.”
The Oregon College Savings Plan makes it easy to give a holiday gift, with gift certificates for Christmas, Hanukah and Kwanzaa available to print online at OregonCollegeSavings.com. The site also presents tools such as a college savings planner that allows users to model their college funding goals and print their own personal college savings planner report.
Any earnings in the Oregon College Savings Plan used to pay for qualified higher education expenses are federal and Oregon state income tax-free. Oregon taxpayers may also be eligible for an Oregon state tax deduction (Limitations apply. See the Disclosure Booklet). Anyone with a Social Security or federal tax ID number may open an account or contribute to an Oregon College Savings Plan account, making it ideal for relatives who aren’t sure what to get for school-aged family members this holiday season.
Funds invested in the Oregon College Savings Plan can be used at any eligible higher educational institution in the nation and many abroad, including private or public college or university, in-state or out-of-state, trade or graduate school. Funds can be used for a variety of qualified expenses, including tuition, fees, books and certain room and board costs.
About The Oregon College Savings Plan
The Oregon College Savings Plan, which is part of the Oregon 529 College Savings Network, launched in January 2001 and has grown to more than $750 million in assets as of September 30, 2012. Since 2010, the plan has been managed by TIAA-CREF Tuition Financing, Inc. An account can be opened for as little as $25 or $15 per pay period by payroll deduction. For more information about the Oregon College Savings Plan, its investment options and how to enroll, visit OregonCollegeSavings.com or call toll free 866-772-8464.
Consider the investment objectives, risks, charges and expenses before investing in the Oregon College Savings Plan. Please visit OregonCollegeSavings.com for a Plan Disclosure Booklet with this and more information. Read it carefully. Investments in the plan are neither insured nor guaranteed and there is the risk of investment loss.
The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice from an independent tax advisor based on their own particular circumstances. Non-qualified withdrawals may be subject to federal and state taxes and the additional 10% federal tax.
The Oregon College Savings Plan Facebook page and Twitter site/account are managed by the State of Oregon.
The Oregon College Savings Plan is administered by the State of Oregon. TIAA-CREF Tuition Financing, Inc. is the Plan Manager.