September is National College Savings Month, and Governor Eric Holcomb has highlighted the importance of saving for education with a Proclamation establishing September 2022 as College Savings Month in Indiana. To celebrate, one individual will be selected to win a $10,000 account deposit in the CollegeChoice 529 Education Sweepstakes.
To enter the 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, 2022. The winner will be randomly selected from all eligible entries to receive a $10,000 CollegeChoice 529 account deposit.
“The semester is in full swing, and with school on the mind, there’s no better time for Hoosiers to begin saving for their educational goals.” said Kelly Mitchell, Indiana Treasurer of State. “This $10,000 giveaway will make a tremendous impact whether a family is saving for a technical or trade program, a registered apprenticeship, or a 4-year degree.”
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 Accounts grow tax-deferred and distributions are tax-free as long as the money is withdrawn to pay for qualified education expenses like tuition, books, computers, equipment, and fees.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).
“We would love to see a record number of families enter the contest,” said Marissa Rowe, executive director of the program. “Imagine what $10,000 could do for a Hoosier student.”