$5,000 contest encourages savings for college

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Staff Reports

INDIANAPOLIS — Gov. Eric Holcomb recently highlighted the importance of saving for college by designating September as National College Savings Month. To celebrate, CollegeChoice 529 will award one Hoosier family a $5,000 CollegeChoice 529 account contribution with the Save to Win Sweepstakes.

To enter the contest, families may make a contribution to a new or existing CollegeChoice 529 Direct or Advisor account during September. One individual will be randomly selected from all Indiana residents who contribute to their CollegeChoice 529 account to win.

CollegeChoice 529 enables account owners and gift contributors to save for a beneficiary’s education at any eligible school or qualified apprenticeship program. Accounts grow tax-deferred, and distributions are tax-free as long as the money is withdrawn to pay for qualified higher education expenses like tuition, room and board, books, computers and fees.

Indiana taxpayers may also be eligible for an annual state income tax credit of 20% of contributions to their CollegeChoice 529 accounts, worth up to $1,000 each year ($500 for married couples filing separately).

For the full contest rules, visit collegechoicedirect.com/savetowin.