The number of students participating in college and career readiness courses is on the rise, with many students choosing to participate in these courses while in high school as a cost-saving measure. However, early participation does much more than save money – students who participate in college and career readiness programs early are more likely to finish their programs. While these programs can be costly for families, the Oklahoma 529 College Savings Plan can help pay for books, fees, and other costs associated with college or career training programs.
What is an Oklahoma 529 College Savings Plan?
Introduced in April 2000, the Oklahoma 529 College Saving Plan (OCSP) is designed for families who want to open and manage their own 529 college savings accounts. As of December 31, 2021, assets in the plan exceeded $1.25 billion.
Families can open an Oklahoma 529 College Savings Plan and begin making deposits, saving on taxes in the process. Deposits made to a new or existing OCSP account through the April 18 tax filing deadline may be eligible for a 2021 state income tax deduction on contributions of up to $20,000 for joint filers.
Once the student is ready to begin taking college or career training courses, families can begin drawing from their savings accounts.
Funds saved in OCSP accounts may be used for:
- Apprenticeship costs
- College and university tuition and fees
- Concurrent enrollment tuition and fees
- CareerTech tuition and fees
For more information about the Oklahoma 529 College Savings Plan, view an upcoming webinar.
To open an account, visit ok4saving.org or (877) 654-7284.
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