Annual college savings giveaway registration underway
CollegeCounts, Alabama’s 529 college savings fund, celebrates 5/29 day (May 29) with the ninth annual giveaway focused on babies born in Alabama between May 29, 2022, and May 29, 2023. They will randomly select 29 winners to receive $529 in contributions to an existing or newly opened CollegeCounts account.
All entries must be submitted by July 16, 2023. Parents, grandparents and legal guardians can visit www.collegecounts529.com/giveaway to register by entering their contact information and the child’s name and date of birth.
“Given all of the immediate needs of a child, it is often forgotten what this child will need in the long-term. When you’re looking at the face of a newborn, it is extremely difficult to make decisions for that same child many years into the future, but it is wise to do so,” said Alabama state treasurer, Young Boozer.
“New parents should keep in mind only one mantra when considering college savings: start early and save often! Pay less attention to how much money you invest into an account, but instead establishing a habit of investing, whether it’s $20, $50, $100 or more each month. Being the lucky winner of this drawing would be a great way to get started!” Boozer added.
CollegeCounts has no minimum contribution requirement, making it simple for families and friends to invest a little at a time. The plan utilizes quality investments from Dodge and Cox, Vanguard, T. Rowe Price, Fidelity and PIMCO.
Funds may be withdrawn and used at colleges, universities, trade schools and graduate schools at one, two and four-year schools in Alabama and across the U.S. – including vocational, technical, community, public and private colleges and universities – for qualified expenses like tuition, fees, room and board (if enrolled at least half-time), books, supplies and equipment required for enrollment, including computers.
“Under Section 529 of the IRS tax code, special tax benefits are provided to families saving for future college expenses. In addition, Alabama taxpayers may receive a state income tax deduction of up to $10,000 for married couples filing jointly ($5,000 for single filers) on contributions to CollegeCounts each year.
To enter an Alabama child born between May 29, 2022, and May 29, 2023, in the 5/29 Day Giveaway, visit www.collegecounts529.com/giveaway. No purchase is necessary to enter or win a prize.
Selected winners must provide a birth certificate or commemorative birth announcement to receive the prize contribution of $529 into the new or existing CollegeCounts account for the newborn they register.
For information on how to open an account, investment objectives, risks and costs, or to read the program disclosure statement visit www.CollegeCounts529.com.