September is National College Savings Month, and Governor Eric Holcomb has highlighted the importance of saving for education with a Proclamation establishing September 2021 as College Savings Month in Indiana. To celebrate, one individual will be selected to win the CollegeChoice 529 $10,000 Education Sweepstakes.
To enter the CollegeChoice 529 $10,000 Education Sweepstakes, individuals 18 years of age or older must complete the entry form available at www.collegechoicedirect.com/september by 11:59 p.m. on September 30. The winner will be randomly selected from all eligible entries to receive a $10,000 CollegeChoice 529 account deposit.
“We’re thrilled to celebrate College Savings Month by offering a $10,000 CollegeChoice 529 account deposit to one lucky winner,” said Kelly Mitchell, Indiana Treasurer of State. “This will be a tremendous boost to a family’s education savings and we hope it will encourage more Hoosiers to join our CollegeChoice family of savers.”
CollegeChoice 529 provides account owners and gift contributors 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- and out-of-state. Accounts grow tax-deferred and distributions are tax-free as long as the money is withdrawn to pay for qualified education expenses like tuition, books, computers, equipment, and fees.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 percent of contributions to their CollegeChoice 529 accounts, worth up to $1,000 each year ($500 for married couples filing separately).
“Our goal with the $10,000 giveaway is to draw attention to education savings,” said Marissa Rowe, executive director of the program. “This contest is an exciting conversation starter, and we cannot wait to select our winner.”