Ohio's Governor recognizes September as College Savings Month

COLUMBUS, Ohio - Governor Ted Strickland, Ohio Board of Regents Chancellor Eric D. Fingerhut and the Ohio Tuition Trust Authority (Tuition Trust) have declared September 2010 College Savings Month to encourage families to plan ahead and save for their children's college education. Governor Strickland has issued the designation to highlight the importance of saving for higher education. The Tuition Trust aims to help encourage families to plan ahead using Ohio's CollegeAdvantage 529 Savings Plan.

"Saving for a child's education is one of the most important things we, as parents, can provide for their future," said Michael Prescott, executive director of Ohio Tuition Trust Authority. "Ohio's CollegeAdvantage 529 Savings Plan offers Ohioans an affordable tax-free way to help families save. Our program continues to be one of the highest-rated state-sponsored college savings plans in the country based on the most recent rankings released by Morningstar and Kiplinger."

In celebration of National College Savings Month, the Tuition Trust will award a $529 scholarship each Friday in September. Interested participants can go online and enter to win one of the four scholarships by visiting www.collegeadvantage529.com and clicking the "enter to win" page. Entries must be submitted by 4:00 p.m. each Friday.

Ohio's 529 Savings Plan makes it easy for families to save for college and offers a diverse choice of investment options through leading financial institutions. Ohio's 529 plan is offered to families directly through the Tuition Trust with the CollegeAdvantage Direct Plan and is also offered through financial professionals through the BlackRock CollegeAdvantage Advisor Plan.

Families can invest as little as $25 and can easily contribute through payroll deduction, electronic fund transfers (EFT) or make online contributions. In addition, earnings are tax-free when used for higher education expenses and can be used at any college in the country. Any Ohio taxpayer who contributes to a CollegeAdvantage account can deduct up to $2,000 per contributor, per beneficiary annually from their Ohio taxable income.

"The Ohio Tuition Trust Authority wants to help Ohio residents realize that saving for college is easy," said Prescott. "The most important step is simply getting started by enrolling online at www.collegeadvantage529.com or calling 1-800-AFFORD-IT."