Today, the Path2College 529 Plan 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 Superintendent Dr. 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.”
Path2College has set a goal of adding at least 10,000 new accounts during the sweepstakes to the accounts that are already established Feb. 1.
To reach this goal, Seabaugh has been and will continue to travel across the state talking with civic organizations, schools and other groups to inform them about Georgia’s Path2College 529 Plan, and remind families about the importance of financial planning.
The Path2College Plan is also holding several additional sweepstakes and programs throughout the year, including a Newborn Sweepstakes for babies born in 2013, a Summer Reading Program Sweepstakes in partnership with the Georgia Public Library Service and a coloring sweepstakes in September to celebrate College Savings Month.
“If 10,000 more Georgia families open an account, that’s 10,000 more children who will have a head start toward achieving their dream when they graduate from high school,” said Seabaugh.
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.
To read the official rules and to enter the 10,000 Reasons to Save Sweepstakes, visit www.Path2College529.com. Entries must be received online by Aug. 15, 2013.
The sweepstakes is open all Path2College 529 Plan account owners. Non-Path2College 529 Plan account owners must be Georgia residents age 21 years and older who are a parent, legal guardian or grandparent of a child age 18 or under who is also a Georgia resident and a) attending a Georgia school or b) a home-schooled child, or c) a child not yet old enough to be eligible to be enrolled in school. No purchase necessary. Void where prohibited.
Click here to go the path2colelge website.