One Child Will Win $1,529 Toward a 529 College Savings Plan
ATLANTA, GA—While coloring is a fun pastime for many kids, this September, coloring could help put one lucky Georgia child on the path to college. September is National College Savings Month, and once again, Governor Perdue has declared September, College Savings Month, in Georgia. In recognition of College Savings Month, the Path2College 529 Plan is sponsoring a coloring sweepstakes for kindergarten through sixth graders in the State of Georgia, and the winner will receive $1,529 toward a Path2College 529 Plan account. Additionally, the winner’s school will receive $1,000.
To enter, children simply have to color Hootie the Wise Old Owl and answer the question, “When I graduate, I’m going to be a ____.” Entries must be submitted by a parent (or legal guardian) and post-marked by September 30, 2010 and received by October 6, 2010. One random winner will be drawn in October to receive the prize of $1,529 and the winner’s school will also receive $1,000. Parents can print the Coloring Entry Form of Hootie, the Wise Old Owl and get official rules and deadlines, who is on his path to college, at www.path2college529.com.
“We are always looking for fun, new ways to get kids to think about their future and to get parents to think about college and how to pay for it,” said Chuck Penuel, director of the Path2Collge 529 Plan. “Now, more than ever, it is important for families to plan early for their children’s continued education, and while we try to promote college savings year-round, this month we hope the sweepstakes will draw special attention to our efforts.”
Penuel said that across the country states have declared September College Savings Month as a way to raise awareness about the need for continued education for today’s children. Georgia Governor Sonny Perdue declared September College Savings Month in an official proclamation this month.
“Today’s job market is extremely competitive, and as technology advances, the skills of the work force must advance with it,” said Penuel. “That’s why planning for a college education is even more important today than it has ever been, and we want to encourage Georgia’s families to plan for higher education costs as they would any other large expense—over time. We hope this sweepstakes will attract families that might not have thought about college savings yet and get them thinking about the future.”
The Path2College 529 Plan helps families prepare for the future costs of college tuition and other qualified expenses, such as fees, books and certain room and board costs for colleges in Georgia and nationwide. The plan is easy to use and understand, with no sign-up, maintenance or third-party sales fees – just a low annual asset-based management fee, and an account can be opened online with as little as $25.
“Many parents are struggling with the day-to-day financial burdens, and they don’t have the time, financial background or extra money to think about saving for college,” said Penuel. “That’s why we have created a plan that we hope is very simple and easy to use, and just as importantly, it doesn’t take a huge investment to contribute—only $25 each time.”
Penuel said that for most families, trying to save the entire amount of a college education is not realistic, but that every bit saved early will help offset the loans and grants needed to fund a child’s college education. Additionally, saving in a plan like the Path2College 529 Plan provides tax advantages.
Any earnings in the Path2College 529 Plan are federal income tax-deferred and withdrawals for qualified higher education expenses such as tuition, fees, books and certain room and board costs are federal and Georgia income tax free. Your account assets can be used at virtually any college or university in the country. The plan offers seven investment options and participants can arrange for automatic contributions to their accounts to be drawn directly from a bank account or made through payroll deduction with participating employers.
The Path2College 529 Plan is managed by TIAA-CREF Tuition Financing, Inc., which is part of the TIAA-CREF group of companies. The Path2College 529 Plan already has more than $810 million in assets and over 112,000 accounts as of August 9, 2010.
For more information on the Path2College 529 Plan or the coloring sweepstakes, please visit: www.path2college529.com or call (877) 424-4377. No purchase necessary. Void where prohibited.
Consider the investment objectives, risks, charges and expenses before investing in the Path2College 529 Plan. Please visit www.path2college529.com for a Disclosure Booklet containing this and other information. Read it carefully.
Before investing in a 529 plan, you should consider whether the state you or your Beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state’s 529 plan.
We are required to notify you that 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. It was written to support the promotion of the Path2College 529 Plan. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
*Non-qualified withdrawals are subject to income taxes and the federal additional 10% tax.
Account value for the Investment Options is not guaranteed and will fluctuate based upon a number of factors, including general market conditions.
2010 TIAA-CREF Tuition Financing, Inc., Program Manager.