SACRAMENTO, Calif.--(BUSINESS WIRE)--College costs are continuing to rise and ScholarShare 529, California's official college savings plan, is making it easier for families to start saving for those expenses with its 529 Day promotion. Recognized each year on May 29th, National 529 College Savings Day celebrates 529 savings plans and the importance of saving for higher education. The ScholarShare 529 Day offer gives families who open a new ScholarShare 529 account a $50 account bonus when they open an account with $50 or more between May 24 and May 31 and set up recurring contributions of $25 or more for six months.
Opening a ScholarShare 529 account is easy, convenient, and with the 529 Day $50 bonus, there has never been a better time to get started. Additionally, ScholarShare 529 accounts offer tax advantages and flexibility, and family and friends can contribute to the account at any time through Ugift®.
“The benefits of a college education can be life-changing, and we are pleased to offer the 529 Day promotion again in 2022,” said California State Treasurer, Fiona Ma. “The additional $50 bonus for new account holders is a great way to jumpstart a child’s 529 savings especially in these challenging economic times.”
As one of the top plans in the country, ScholarShare 529’s professionally managed portfolios, including its suite of socially responsible options, are specifically designed for families looking to invest in their child’s education. ScholarShare 529 funds can be used for a lot more than just tuition, including qualified higher education expenses such as fees, certain room and board costs, books, supplies, computers and related technology costs including internet access fees and printers. Additional equipment required for attendance may also qualify. Funds can be used at most accredited colleges, universities, trade schools and apprenticeship programs nationwide and certain colleges abroad.
“Further expanding on the plan’s flexibility, it’s important to note that if a student decides not to attend college, the account can be transferred to another eligible beneficiary such as a sibling or another family member at no cost,” said Julio Martinez, Executive Director of the ScholarShare Investment Board. “Plus, funds can be withdrawn at any time, for any reason.* We hope these benefits, among many others, help lessen any hesitation about starting the college savings process.”
Along with offering college saving opportunities, ScholarShare 529 also offers free resources for parents who want to start preparing their child for college and need assistance along the way. The ScholarShare 529 website offers planning tools, webinars, and a help desk available Monday through Friday from 8:00am to 7:00pm which can be reached at 1-800-544-5248.
To learn more about the 529 Day promotion and how you can participate, please refer to www.ScholarShare529.com/529Day and click here to register for a free webinar on May 18th or May 24th to learn more about the program.
*If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. You should consult your own tax advisor for specific tax advice.
About ScholarShare 529
ScholarShare 529 serves as California’s official college savings plan. Administered by the ScholarShare Investment Board, ScholarShare 529 provides families with a valuable tool that offers a diverse set of investment options, tax-deferred growth, and withdrawals free from state and federal taxes when used for qualified higher education expenses, such as tuition and fees, books, certain room and board costs, computer equipment, and other required supplies. ScholarShare 529 manages $12.6 billion in plan assets across more than 375,000 ScholarShare 529 accounts as of March 31, 2022. To open a ScholarShare 529 account or get more information about the plan, visit www.ScholarShare529.com. For information about the ScholarShare Investment Board, visit www.treasurer.ca.gov/scholarshare, like ScholarShare 529 on Facebook at www.facebook.com/scholarshare529, and follow them on Twitter at @ScholarShare529. For more information about ScholarShare 529, visit www.ScholarShare529.com.
