SOURCE: Ohio Tuition Trust Authority

Ohio Tuition Trust Authority

May 29, 2013 10:11 ET

Ohio's CollegeAdvantage 529 Plan Helps Families Reduce College Debt

COLUMBUS, OH--(Marketwired - May 29, 2013) - Today, college savings plans across the country are celebrating national 529 Day, while families nationwide are celebrating graduations and other milestones. It's the perfect time for parents, grandparents and loved ones to set up or contribute to a CollegeAdvantage 529 account for the child in their lives.

"College can be expensive and saving for it can sometimes be overwhelming," said Paul Paeglis, executive director of the Ohio Tuition Trust Authority, which manages the CollegeAdvantage plan. "But it takes just a $25 initial contribution for anyone to open an account today that can lessen the burden of staggering college debt in a child's future."

Earnings grow tax-free in a CollegeAdvantage account, and contributions are tax-deductible up to $2,000 annually, per beneficiary, from Ohio taxable income. Funds can be used at nearly any college or university in the country, not just Ohio. Account owners can easily set up automatic contributions from their checking or savings account, and many employers also offer contributions through payroll deduction.

"Making college affordable for children is an attainable goal," said Paeglis. "You don't have to save 100 percent of the cost of college because you can supplement with grants, loans and scholarships. Any amount saved helps, and if you start early enough, even small contributions add up to a lot of needed assistance with college costs and post-college debt."

For more information or to open an account today, visit www.CollegeAdvantage.com or call 1-800-AFFORD-IT (233-6734).

About Ohio Tuition Trust Authority
The Ohio Tuition Trust Authority is a state agency within the office of the Chancellor of the Ohio Board of Regents and was created by the Ohio General Assembly in 1989. The Tuition Trust offers the College Advantage 529 Savings Plan to provide families with a tax-advantaged way to save for college. The CollegeAdvantage program currently has more than $7.2 billion in assets as of December 31, 2012. For more information, visit www.CollegeAdvantage.com, like CollegeAdvantage on Facebook or follow @Ohio529Plan on Twitter.

Contact Information

  • Contact:
    Judy Cunningham
    Public Relations Manager
    Ohio Tuition Trust Authority
    614.752.9350
    Email Contact