SOURCE: ScholarShare


May 24, 2012 14:56 ET

ScholarShare Announces College Savings Account Giveaway

In Honor of 529 Day on May 29, Help Pay for the Cost of College by Entering to Win a ScholarShare Account on Twitter

SACRAMENTO, CA--(Marketwire - May 24, 2012) - ScholarShare, California's 529 college savings program, announces that they will host their first ever sweepstakes on Twitter, giving all qualified entries the chance to win a $1,529 ScholarShare account for future college costs. There will also be two $529 accounts available to use for a child's college future. Any California resident, 18 years and over, with a Social Security Number or Tax Payer ID number, can enter the sweepstakes through the popular social media site. The winners will be able to start a brand new college savings account or contribute to an existing account. The #CA529Day sweepstakes will begin on May 8 and run through May 28, with the winners announced on May 29, 2012, 529 Day.

May 29 was declared 529 Day to help bring attention to the fact that saving for college is one of the most significant things families can do for the children in their lives. With rising college tuition costs, those who begin putting away money early and save, over time, could make their college savings add up to a significant amount. Since establishing a college fund early in life is so important, California families are encouraged to consider opening a ScholarShare 529 Savings Account for a special child in their life.

To enter the sweepstakes, California parents can log on to their Twitter account and tweet at ScholarShare's official account (@ScholarShare529) with their child's dream school and the hashtag #CA529Day. All qualified applicants must follow the @ScholarShare529 account to be eligible to win. One winning account will be selected at random to win a $1,529 contribution to be used to start a new ScholarShare 529 College Savings Plan or contribute to an existing ScholarShare account. A t-shirt of their selected dream school will also be provided. Two other winners will also be selected at random to receive a $529 account and t-shirt. For official rules, prize details and entry deadlines, please visit No purchase necessary. Void where prohibited. Sponsored by ScholarShare.

ScholarShare has the tools to make it easier than ever for anyone to contribute to their children's or loved ones' future college tuition costs. Families interested in saving for college can check out ScholarShare's new online resource tools on their website. And through the "Give a Gift" option on its website, any gift giver can open an account for children of all ages or contribute to an existing account. College savings specialists are available for phone and in-person consultations at no additional cost to answer all questions.

ScholarShare continues to offer flexible features for anyone interested in starting a college savings plan. Any US citizen, or resident alien with a valid Social Security Number or Taxpayer Identification Number, can open a new account on behalf of a beneficiary. Funds can be used at any eligible educational institution in the nation, and some abroad, for a variety of qualified higher education expenses, including mandatory fees, books, supplies, or even certain room and board costs.

About the ScholarShare 529 College Savings Plan:
ScholarShare accounts may be opened online with as little as $25 per investment portfolio. ScholarShare has no annual account maintenance fee, no income limit and offers a high maximum contribution limit of $350,000. The program currently holds more than $4.4 billion in assets as of 3/31/2012. More than 300,000 accounts have been opened since ScholarShare's inception in 1999. To sign up for an account or for more information about the plan, visit For information about the SIB, visit Follow ScholarShare on Twitter at @ScholarShare529.

Named for the section of IRS code under which they were created, 529 plans are highly regarded for their tax-advantaged status. Any earnings on investments can grow tax-deferred. Withdrawals, when used for tuition and other qualified higher education expenses, are federal and state income tax-free.

Consider the investment objectives, risks, charges and expenses before investing in the ScholarShare 529 College Savings Plan. Please visit for a Program Disclosure Booklet containing this and other information. Read it carefully.

Before investing in a 529 plan, you should consider whether the state you or your Beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.

The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non‐qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.

Investments in the Program are neither insured nor guaranteed and there is the risk of investment loss.

The ScholarShare 529 College Savings Plan Twitter page is managed by the state of California.

TIAA‐CREF Tuition Financing, Inc., Program Manager.