CollegeAdvantage the Perfect Gift

COLUMBUS, Ohio--(BUSINESS WIRE)--Tis the season to give and what better gift than Ohio’s 529 Plan, CollegeAdvantage. CollegeAdvantage makes the perfect gift anytime of the year as it’s the gift that keeps on giving to both the giver and the receiver.

Rated as one of the best 529 plans in the country by Morningstar and Saving For College, Ohio’s 529 Plan can be used at all types of qualified higher education institutions, including a four-year college or university (public or private), two-year community college, technical or trade school, apprenticeship, or a certificate program. Funds may be used to pay qualified higher education expenses including tuition, fees, room and board, books, computers, and class supplies. Families can even use up to $10,000 for student loan repayment.

Families can open an Ohio 529 account for as little as $25. “Opening an Ohio 529 account is a simple and affordable gift idea. The gift of education encourages families to start saving and can last a lifetime,” said Tim Gorrell, Executive Director for Ohio’s 529 Plan.

Ohioans who open a new Ohio 529 account or contribute to an existing account before 4 p.m. ET Thursday, Dec. 30, 2021, can take advantage of the state of Ohio tax deduction for college savings. Up to $4,000 of contributions can be deducted from their State of Ohio taxable income. Any Ohio taxpayer contributing to an Ohio 529 account—including grandparents, other family members, and friends—can also claim the state tax deduction of up to $4,000 per beneficiary, per year with unlimited carry-forward. Again, all contributions must be received in good order before 4 p.m. ET, Thursday, Dec. 30, 2021, in order to be included in the account’s 2021 total. In addition to the state tax deduction, earnings in an Ohio 529 account are free from state and federal income taxes when the funds are used for qualified higher education expenses.

To open an Ohio 529 account online, go to CollegeAdvantage.com. To contribute to an existing Ohio 529 account, use the new mobile app, ReadySave 529. The mobile app can be downloaded from the Apple or Google Play app stores.

A contribution to Ohio’s 529 Plan may not be a big, shiny box underneath a Christmas tree but it’s a gift that will truly last a lifetime.

About the Ohio Tuition Trust Authority/Ohio’s Direct 529

Ohio’s 529 Plan is offered and administered by the Ohio Tuition Trust Authority (OTTA), a state agency under the Office of the Chancellor of the Ohio Department of Higher Education. Ohio is the seventh-largest state sponsor of 529 plans in the country. Ohio’s 529 Plan is offered as the CollegeAdvantage Direct 529 Savings Plan and the BlackRock CollegeAdvantage 529 Plan, which is offered and marketed through BlackRock and sold through professional financial advisors. Learn, plan, and start today with Ohio’s 529 Plan at https://www.collegeadvantage.com/