A publication of the Kentucky Center for Public Service Journalism

College is expensive – Kentucky 529 College Savings Plan offers matching contribution for new accounts

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As another school year draws to a close, 529 Day (May 29) is the perfect time for Kentucky families to start their college savings with help from the Kentucky Education Savings Plan Trust (KESPT). Kentucky’s 529 college savings plan is celebrating 529 Day with a special four-day matching promotion. Eligible individuals who open a new KESPT account online at kysaves.com/529day, between 12:01 a.m. EST on May 26 and 11:59 p.m. EST on May 29 will receive a one-time matching contribution of $25.

“With the cost of higher education continually rising, it’s important that families take the initial step of opening an account to begin saving for college,” said David Lawhorn, KESPT program manager. “Our matching promotion is an excellent incentive to get families started. We encourage parents to start saving while their children are young so they have more time to take advantage of the tax-free growth opportunity.”

Kentucky Education Savings Plan Trust

A Gallup poll indicates that seven in 10 parents worry about college funding; for parents of children younger than 18, having enough money to pay for college surpasses retirement as the top financial concern. National 529 Day helps raise awareness of the benefits of investing in a 529 college savings plan.1

Kentucky residents 18 and older who open a new KESPT account at kysaves.com/529day as part of the 529 Day promotion will receive the $25 matching contribution on or before July 31. There is a limit of one matching contribution per household and per beneficiary. Families are asked to call 877-598-7878 if they have questions or need assistance.

Opening a Kentucky 529 plan account takes just 15 minutes and $25 to get started, and offers six investment portfolios including an age-based, balanced and guaranteed option. For families who already have an account, KESPT offers a convenient eGift feature at kysaves.com that allows family and friends to make a contribution and download a gift certificate for special occasions like graduations and birthdays.

Besides offering an affordable way to save for college, 529 plans can be used for more than just tuition. A 529 plan can be used for any required cost of attendance such as books, computers, room and board. Additionally, 529 plans can be used at accredited two-year colleges, technical schools and graduate schools nationwide.

Kentucky families are also invited to participate in Read. Save for College. Change the World, an opportunity for families who participate in the 2017 Summer Reading Program at participating local libraries. Save for College offers families a chance to win one of eight $1,000 KESPT 529 college savings accounts. Families must enter by Aug. 18, 2017. Save for College is sponsored by KESPT. No purchase necessary. Void where prohibited. Visit kysaves.com for official rules and prize details.

The Kentucky Education Savings Plan Trust was established in July 1988. For more information about KESPT and tax advantages, visit kysaves.com or call toll-free 1-877-598-7878. The plan is managed by TIAA-CREF Tuition Financing, Inc. (TFI), a leader in 529 program management. Accounts established with transferred funds from an existing TFI-managed college savings plan are not eligible for the 529 Day promotion.

Kentucky Education Savings Plan Trust

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