SOURCE: Virginia529 College Savings Plan

Virginia529 College Savings Plan

September 13, 2013 04:00 ET

Turn Dreams Into Reality This College Savings Month

Get Started With Virginia529 College Savings Plan

RICHMOND, VA--(Marketwired - September 13, 2013) - September is College Savings Month and Virginia529 College Savings Plan (Virginia529) encourages families to start talking about and saving for higher education.

"Planning and saving are two key factors in making dreams come true," emphasized Mary Morris, Virginia529 CEO. "It's never too late to begin saving for college, but you have a better chance at success the earlier your start."

529 plans are state-sponsored programs that help families save for qualified higher education expenses tax free. Students can use funds in 529 accounts for many types of post-secondary education, including certification programs, two- and four-year degrees and advanced degree programs.

Earnings in 529 accounts are exempt from state and federal income taxes when used for qualified higher education expenses, such as tuition, mandatory fees, books, room and board. In addition, Virginia taxpayers may deduct up to $4,000 in contributions per account per year for purposes of determining Virginia individual income taxes.

Families can start saving with Virginia529 with as little as $25. To open a Virginia529 account, visit Virginia529.com, talk with your financial adviser or speak with a representative of BB&T or Union First Market Bank, the two banks that offer Virginia529's FDIC-insured CollegeWealth program. Use promo code "EDUCATION" to waive the $25 application fee when opening an inVEST account online.

If you are a current or past Virginia529 account holder, Virginia529 wants to know how your account is helping or helped you turn dreams into reality. Your submission could earn you a bonus contribution of $2,529 to a Virginia529 inVEST account. Enter at Virginia529.com/collegesavingsmonth through October 6, 2013.

About the Virginia529 College Savings Plan:
Virginia529 is a 529 college savings plan that offers flexible, affordable, tax-advantaged savings for qualified higher education expenses through its four programs -- Virginia529 prePAID (SM) (prePAID (SM)), Virginia529 inVEST (SM) (inVEST (SM)), CollegeAmerica® and CollegeWealth®. With 2.3 million accounts and more than $45 billion in assets under management as of July 31, 2013, Virginia529 is the largest 529 plan in the country. For more information on Virginia529's college savings options, visit Virginia529.com.

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