On May 29, CollegeCounts, Alabama’s 529 Fund, will celebrate 5/29 day with their fourth annual statewide college savings giveaway. CollegeCounts will contribute $529 into an existing or newly opened college savings account for 29 Alabama newborns born between May 29, 2017 and May 29, 2018.
Beginning May 29, 2018, parents can register at CollegeCounts529.com/giveaway by entering their contact information and their child’s date of birth. Selected winners must provide a birth certificate or commemorative birth announcement to receive funds.
The CollegeCounts 529 Fund is a qualified tuition program that allows families and friends to easily invest in a child’s college education by requiring no minimum contribution and providing substantial tax benefits to participants (including a $10,000 tax deduction for married couples filing jointly or $5,000 for single filers).
CollegeCounts funds may be withdrawn and used at colleges, universities, trade schools, and graduate schools at one-, two- and four-year schools in Alabama and across the U.S.—including vocational, technical, community, public and private colleges and universities—for qualified expenses like tuition, fees, room and board (if enrolled at least half-time), books, supplies, and equipment required for enrollment, including computers. The plan also provides investment flexibility with a number of quality investment funds, including Vanguard, T. Rowe Price, Fidelity, PIMCO, Dodge and Cox, Mainstay, and DFA.
“Paying for higher education is a daunting task, but CollegeCounts was created to make the process easier,” says Alabama State Treasurer Young Boozer. “We understand that welcoming a new baby can be overwhelming, but we hope to shift the priority of planning now for what’s next. By making the initial investment early, the longer that amount has the potential to grow.”
To enter a child born between May 29, 2017 and May 29, 2018 in the 5/29 Day promotion, please visit CollegeCounts529.com/giveaway. For information on how to open an account, please visit CollegeCounts529.com.