In recognition of National 529 College Savings Day, the Santa Clarita Optimist Foundation’s Safety Town – Santa Clarita program announced Monday the launch of a 4-day promotion by ScholarShare 529, California’s state-sponsored college savings plan.
To raise awareness about the importance of saving for college and the significant role that a 529 college savings plans can play in that process, ScholarShare 529 will be offering a $50 contribution to anyone who opens a new ScholarShare 529 account from May 29 – June 1, 2018, and makes automatic monthly contributions of $25 of more for at least six consecutive months.
“With the cost of a college education continually rising, it’s important that families of all income levels take that initial step of opening an account and begin the process of saving as much and as early as possible,” stated Susan Russell, Exec. Director of Safety Town. “I believe this match promotion will help California families do that.”
Over the past 40 years, college tuition rates have been consistently increasing at two to three times the rate of inflation each year with financial aid funding generally shifting away from student grants towards guaranteed student loans.
Today, college students graduate owing $37,000 on average in student loan debt. 529 college savings plans, like ScholarShare 529, can play a critical role in helping families reduce the amount of money their children borrow while pursuing their higher education goals. ScholarShare 529 is administered by the ScholarShare Investment Board, which is chaired by California State Treasurer John Chiang.
Since its launch in 1999, ScholarShare 529 has grown to more than 300,000 accounts with over $8 billion in total plan assets as of March 31, 2018. ScholarShare 529 offers families a diverse set of investment options, tax-deferred growth and withdrawals free from state and federal taxes when funds are used for qualified higher education expenses, such as tuition and fees, computer equipment, books or certain room and board costs.
To learn more about the ScholarShare 529 Matching Promotion, including the complete terms and conditions, visit www.scholarshare529.com/529day.