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Minnesota College Savings Plan announces National 529 Day Promotion
St. Paul, Minn. – The Minnesota College Savings Plan is excited to celebrate National 529 Day with the Save $50, Get $50 promotion, which runs from May 28 - May 31, 2019. During this limited-time offer, the Minnesota College Savings Plan will contribute $50 to new account holders who deposit $50 and set up automatic contributions of at least $25 for six months. See mnsaves.org/529Day for Terms and Conditions.
“National 529 Day shines a spotlight on the importance of saving for college,” said Jim Mandler, senior marketing manager for the Minnesota College Savings Plan. “Programs like the Minnesota College Savings Plan offer an affordable, convenient and cost-effective option to do just that.”
A day dedicated to raising awareness of the rising cost of higher education, National 529 Day encourages parents planning for their child’s college education to consider several factors, including:
- Saving early pays off in the long run. Minnesota residents who invest with the Minnesota College Savings Plan and file taxes jointly can reduce their state income tax by up to $3,000 per beneficiary per year, while single filers can claim a $1,500 deduction for the 2019 tax year.
- Costly student loans. According to The Institute for College Access & Success, Minnesota college graduates leave school with an average of $31,734 in student loan debt. Excessive student debt is often hard to repay with most entry-level, post-graduate salaries, underscoring the importance of proper planning and saving early.
- Easy to start planning for the future. It takes just 15 minutes and $25 to open a Minnesota College Savings Plan account, making it easy to manage your education savings goals. Family and friends can contribute too with quick, online gifting options.
With the Minnesota College Savings Plan, investment earnings grow tax-deferred and are tax-free at the state and federal level when used for qualified expenses, which range from tuition and books to room and board, among other costs, at most colleges and technical schools across the country.
For more information about the Minnesota College Savings Plan, available tax benefits and the impact of student loans, please visit mnsaves.org/529Day or call 1-877-338-4646.
About the Minnesota College Savings Plan
The Minnesota College Savings Plan, Minnesota’s official 529 college savings plan, makes it easier for families to save for higher education expenses. It takes just $25 and 15 minutes to open a Minnesota College Savings Plan account and funds saved can be used at colleges, technical schools and grad schools nationwide. In addition to tuition, funds may be used for certain room and board expenses, books, supplies or other qualified expenses.
To learn more about the Minnesota College Savings Plan, its investment objectives, tax benefits, risks, and costs please see the Disclosure Booklet at mnsaves.org. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors only available for investing in its own 529 plan. Consult your legal or tax professional for tax advice, including the impact of the new federal tax changes. If the funds aren't used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributor and underwriter for the Minnesota College Savings Plan.