-- Delegate Peace spreads word about Virginia529 College Savings Plan --
Each May, Virginia529 joins other state 529 plans in raising awareness of the importance of saving for college – and how tax-advantaged 529 plans can reduce student loan debt. The campaign culminates on May 29, the day observed as 529 College Savings Day (529 Day).
In honor of 529 Day, Virginia529 is giving families $50 matches for new accounts. We also will award one person $2,500 toward a new or existing Virginia59 account. Virginia529 College Savings Plan is a state agency that helps families save in advance for higher education. Since the General Assembly formed Virginia529 in 1994, it has grown to become the largest 529 plan with more than 2.3 million accounts.
“Investing in a Virginia529 savings plan allows families to plan for future tuition costs. Choosing which college or university one will attend is an important life decision. I am committed to help create greater access and affordability in higher education. If Virginia is going to attract 21st century technology, advanced manufacturing and other jobs of the creative class, we must have a strong workforce that is well educated. Education is the gateway to this opportunity,” said Peace.
Here are a few things you may not know about Virginia529:
- Because 529 plans can be used for technical, continuing education and advanced degree programs, anyone who can benefit from additional education can open a 529 account.
- A family can start a Virginia529 account with as little as $25 and then contribute to it as much and as frequently as they choose.
- Virginia residents may deduct contributions to Virginia529 accounts – up to $4,000 per account per year – from state income tax.
Have you been putting off opening a college savings account for your kids? Virginia529 has 50 reasons why you should start now. Open an account with at least $100 and Virginia529 will add $50 to reward you. Offer available through May 29, 2014. Visit www.virginia529.com/529day/ to learn more.