Saving for college is a great investment in your future. There are several ways to build a college fund, but two of the most common methods are described below. You can also visit SavingForCollege.com to access tools and calculators to help you research college costs and savings options.
College Savings Chart |
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|---|---|---|---|---|
| Age Savings Begins | $20 per month | $30 per month | $50 per month | $100 per month |
| Birth | $6,984 | $10,476 | $17,460 | $34,920 |
| Age 5 | $4,382 | $6,573 | $10,955 | $21,911 |
| Age 10 | $2,355 | $3,532 | $5,887 | $11,774 |
| Age 15 | $785 | $1,163 | $1,938 | $3,875 |
Contributions to Oklahoma’s 529 College Savings Plan grow tax-free, are deductible from your state taxes (up to a certain level) and can be deducted from your paycheck by your employer.
In addition, 529 plans have no income requirements or annual contribution limit and if a beneficiary decides not to attend a post-secondary institution, contributed funds can be transferred to another eligible beneficiary. The program also includes many investment options and the flexibility to use your savings at higher education institutions across the United States and abroad.
For more information, call 877.654.7284 (toll-free) or visit OK4Saving.org.
A Coverdell Education Savings Account (ESA) is another option to consider. An ESA is a trust or custodial account created to fund elementary, secondary and college education expenses. Annual contributions, which grow tax-deferred, are limited to $2,000. Considerations include:
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