September is National College Savings Month, and Governor Eric Holcomb emphasized the importance of saving for education with a proclamation establishing September 2022 as College Savings Month in Indiana. To celebrate, one person will be selected to win an account deposit of $10,000 in the CollegeChoice 529 Education Sweepstakes.
To enter the competition, people aged 18 or over must complete the entry form available at www.collegechoicedirect.com/september by 11:59 p.m. on September 30, 2022. The winner will be randomly selected from all eligible entries to receive a $10,000 deposit to CollegeChoice account 529.
“The semester is in full swing, and with school on the mind, there’s no better time for Hoosiers to start saving for their educational goals.” said Indiana State Treasurer Kelly Mitchell. “This $10,000 gift will make a huge impact whether a family is saving for a technical or business program, a registered apprenticeship or a 4-year degree.
CollegeChoice 529 offers account holders and donors flexibility when it comes to saving for education after high school. Funds can be used at any eligible school or registered apprenticeship program, both in-state and out-of-state. Accounts grow tax-deferred and distributions are tax-free as long as money is withdrawn to pay for qualified education expenses like tuition, books, computers, equipment, and fees .
Indiana taxpayers may also be eligible for an annual state income tax credit of 20% of contributions to their CollegeChoice 529 accounts, up to a value of $1,000 per year ($500 for married couples declaring separately).
“We would love to see a record number of families enter the contest,” said Marissa Rowe, executive director of the program. “Imagine what $10,000 could do for a Hoosier student.”