Woodward, Okla. — OKLAHOMA CITY - The state treasurer's office and a clothing retailer are joining forces to celebrate National College Savings Month in September.

Tim Allen, an assistant to State Treasurer Ken Miller, said the treasurer's office and Oklahoma GAP stores are sponsoring the 2nd Kids on College Survey Sweepstakes for which randomly-chosen winners will get $529. The money will go toward establishment of an Oklahoma 529 College Savings Plan (OCSP) account.

To participate in the sweepstakes, students in kindergarten through 5th grades and their parents need to log on to ok4saving.org/kidsoncollege to complete a brief survey, which includes 2 questions for the children to answer. The first asks kids to see how much money they think it costs for one year of college, with multiple choice answers provided of $7, $7,000, $15,000, or $1 million.   The second question asks children to explain how they think college will help them later on in life.

The treasurer's office picked the first question because college expenses are always going up, and officials wanted to see if the kids have an awareness of those costs.

The second question was asked because the survey staff thought they may get some unique answers. After completion of the sweepstakes, some of the particularly interesting responses will be publicized.

"Last year, we had somebody say they wanted to use their college education to become a ninja and a pro football player,"  Allen said.

In addition to answering these questions, the survey acts as the entry form for the drawing for the college savings plan worth $529.

Parents and youngsters have until Sept. 15 to enter the sweepstakes.  After all the entries are collected, 6 names will be drawn and the winners will be announced later in September.

But while there will only be a few winners, everyone who enters can download a complimentary coupon from GAP Stores good for 25 percent off a purchase of at least $100.

Last year, Allen said 442 elementary students participated in the sweepstakes.



ENTIRE PROGRAM IS FOR ALL

The sweepstakes is part of an effort to help more Oklahomans learn about the opportunities available through the Oklahoma 529 College Savings Plan.

The state treasurer said that the sweepstakes focuses on students in kindergarten through 5th grades because he believes that is how soon parents need to start thinking about saving for their children's future education.

"We feel that the age group we're using is a key one for parents to make their selection of a college savings plan," Miller said.

However, anyone who wants to sign up for 529 Plan, which is named for a section of the IRS code, may do so, regardless of the child's age.   Or adults can even set up a savings plan for themselves.

"Some people start contributing to it, and then decide they want to go back to school," Allen said. "They can use the money for that."

It only takes $100 to start an OSCP account, after which account holders can deposit as little or as much as they want, when they want, he said.

They can even have contributions automatically deducted from their regular paychecks, if they choose, Allen said.

But unlike traditional savings accounts, the 529 Plan allows for contributions to the OSCP accounts to be tax deductible.

"This is really the beauty part of the savings plan," said Allen. "It's the generous tax deductibility of the contributions."

When filing their state and federal tax returns, 529 account holders may deduct contributions to their 529 Plans from their Oklahoma adjusted gross income.  Individual filers can deduct up to $10,000 annual in contributions and joint filers may deduct up to $20,000.

"The savings garnered from the OCSP can be applied to tuition as well as fees, books, supplies and some room and board costs," Allen said.

He added that the OCSP may be used at any public or private university, college, or career technology center nationwide.

The program was introduced in 2000. Allen said the OCSP currently has in excess of $470 million in assets and more than 47,000 account holders, as of July 31.

For more information or to open an account, call toll-free (877) 654-7284, or go to ok4saving.org.