OKLAHOMA CITY – The state is offering to help you get a head start on saving for your loved one’s future.
From May 28 through May 31, if you set up automatic deductions for an Oklahoma 529 College Savings Plan, you will get a $50 contribution credited to your account.
“You can never start too early,” said State Treasurer Randy McDaniel.
He says something needs to be done about the student loan situation in our country.
“$1.5 trillion is our largest consumer debt other than mortgage loans,” McDaniel said.
And, attending school in Oklahoma isn’t getting cheaper.
As we’ve previously reported, tuition rates increased for several universities in the state this year.
Officials say students at the following universities will face an increase in tuition and fees from 3.1 % to 5.5%:
- Northeastern State University
- East Central University
- Southwestern Oklahoma State University
- Northwestern Oklahoma State University
- University of Central Oklahoma
- Oklahoma State University
While McDaniel says tuition in our state is still competitive with schools across the nation, it’s still a problem they’re working to tackle.
“So it’s becoming an epidemic and we want to try to do what we can do to make a difference to help people and their families have their kids fulfill their dreams and try to change the world,” he said.
For four days this week, Oklahoma 529 accounts with automatic contributions for six consecutive months will receive the $50 bonus from the Oklahoma College Savings Plan.
Accounts can be opened with a $100 contribution, and additional automatic contributions come at a minimum of $25.
Some families say the process only took them about 15 minutes.
“We try to make it as easy as we can to set up an account and get started,” said McDaniel.
Click here for more information or call 877-654-7284.
Funding comes from the marketing budget of the Oklahoma 529 College Savings Plan.
Officials say no state funds are used.