September is National College Savings Month, and Governor Eric Holcomb has highlighted the importance of saving for education with a Proclamation establishing September 2023 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, 2023. The winner will be randomly selected from all eligible entries to receive a $10,000 CollegeChoice 529 account deposit.
“College Savings Month in Indiana is a great time to talk all options college and career after high school,” said Daniel Elliott, Indiana Treasurer of State. “Since 529 plans can be used for technical and trade programs, registered apprenticeships, and 4-year degrees, this sweepstakes will have a significant impact on a Hoosier family.”
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 Accounts grow tax-deferred and distributions are tax-free as long as the money is withdrawn to pay for qualified education expenses like tuition, books, computers, equipment, and fees.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 $1,500 each year ($750 for married couples filing separately).
“It’s free to enter, and we’ll deposit the funds into a new or existing CollegeChoice account. Could you imagine funding a child’s future with $10,000?” said Marissa Rowe, executive director of the program. “That’s a pretty powerful start – a future with more opportunities and less debt.”