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September is Oklahoma College Savings Plan month
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A college education is vital in today's job market and will only become more important in the years to come. The cost of a college degree continues to rise but, fortunately, there are tools available to help families handle the expense of higher education.
Good planning now can cut down on the need for student loans or part-time jobs during college. As students are headed back to school across the state, now is a great time for parents and children to review their plans for paying for college.
The Oklahoma College Savings Plan offers an incredible resource for parents to begin investing money for a child's college education. An account can be opened at any time in a child's life, with parents able to choose from a wide variety of investment options to meet the needs of different families.
Contributions can be made at any time, and relatives and friends can contribute as well. Some workplaces allow for automatic payroll contributions to the savings plan, which makes saving for college easy and hassle-free.
The Oklahoma College Savings Plan not only offers an investment and savings opportunity, there are tax benefits as well.
Contributions to an OCSP account are deductible on state income taxes, up to $10, 000 each year, or $20, 000 for couples filing jointly. Contributions to and earnings from any Oklahoma College Savings Plan Account are tax-deferred on both federal and Oklahoma income taxes.
Qualified withdrawals from an OCSP account are income tax-free and can be used for student expenses such as tuition, fees, books, supplies and some room and board costs.
I hope that Oklahoma parents take the time to examine this great opportunity to provide a college education for their children. Planning now can ensure a brighter future for individual students and for all of Oklahoma.
For more information about the Oklahoma College Savings Plan or to open an account, visit www.ok4saving.org, or call 1-877-654-7284.
If you have questions or comments, please write me at the Office of the Governor, Room 212, Oklahoma City OK 73105 or visit the "Contact the Governor" section of my website, www.governor.ok.gov.
Copyright 2010 The Perkins Journal, Perkins, Oklahoma. All Rights Reserved. This content, including derivations, may not be stored or distributed in any manner, disseminated, published, broadcast, rewritten or reproduced without express, written consent from SmallTownPapers, Inc.
© 2011 The Perkins Journal Perkins, Oklahoma. All Rights Reserved. This content, including derivations, may not be stored or distributed in any manner, disseminated, published, broadcast, rewritten or reproduced without express, written consent from DAS.
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