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State promoting college tuition savings program

ALBANY, Ga. -- Georgia families now have even more reason to think about college savings this year -- in fact, 10,000 reasons.

The Path2College 529 Plan recently launched its 10,000 Reasons to Save Sweepstakes, which will award one family who is already saving with Path2College and one non-account holder with $10,529 each for his or her college savings.

Additionally, the two winners' schools will each receive $10,529.

"Every year we have several programs designed to get people thinking about saving for college," said Mitch Seabaugh, director of the Path2College 529 Plan. "This sweepstakes is the biggest one we've ever done, and we hope it will encourage those who haven't yet started to save for their children to do so."

Seabaugh said that the primary focus is to get more families saving for college so students are financially prepared for higher education, "but several of our sweepstakes, like this one, also help prepare students academically by contributing to a local school or an area library."

"Establishing a strong financial foundation for children helps ensure their education can continue after high school graduation," said State School Supt. John Barge. "We want every child in Georgia to have the opportunity to achieve their dreams, and in today's competitive, global job market, education is one of the most important tools we can give them."

Seabaugh stressed that the plan is meant to augment grants and other scholarship programs like HOPE.

"We've got to get people started saving for their children's college education," Seabaugh said. "The sooner people start saving it opens up many more opportunities for students to choose where they want to attend college."

Seabaugh said that every dollar saved today will help offset education expenses tomorrow, and while most families may not be able to save the full amount of a college education, they can still set realistic goals to help meet the costs of higher education.

"We've seen the cost of education on the rise across the country for years," said Seabaugh. "Many people are overwhelmed by the cost, but saving small amounts over time really does make a difference and a Path2College savings plan can help them do that."

The Path2College 529 Plan allows families to contribute as little as $25 at a time to a child's account, and, as a Georgia resident, their contributions have a state tax advantage. Earnings in a Path2College 529 Plan are both federal and state tax deferred and withdrawals for qualified education expenses are federally and state tax free.

For more information, or to enter the 10,000 Reasons To Save Sweepstakes, visit www.path2college529.com.

Comments

chinaberry25 1 year, 1 month ago

Yeah, best to put it in a mason jar. Heritage Bank and many others charge you $5 if you do not make a deposit every month. My mason jar holds it for free.

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