Education is a gift that lasts a lifetime. Recognizing this, Alabama’s 529 college savings fund, CollegeCounts, celebrates the annual tradition of 5/29 day in the most fitting way possible – by helping to secure the future of our youngest citizens.
Now in its ninth year, the CollegeCounts’ 5/29 Day Giveaway is once again making an investment in the babies of Alabama. The giveaway focuses on infants born between May 29, 2022, and May 29, 2023, with 29 babies selected at random to receive $529 each. The sum will be directly deposited into an existing or newly opened CollegeCounts account for each lucky winner.
To register for this giveaway, parents, grandparents, and legal guardians can head over to www.collegecounts529.com/giveaway from May 29, 2023, and enter their contact information, along with the baby’s name and date of birth.
The importance of this initiative is underscored by the words of Alabama State Treasurer, Young Boozer, who said, “While it’s easy to be consumed by the immediate needs of a newborn, we must remember the long-term requirements too. As difficult as it may be to envision, the newborn you’re cradling today will be a college student before you know it. That’s why the mantra should always be: start early and save often!”
The beauty of the CollegeCounts plan lies in its simplicity. There’s no minimum contribution requirement, allowing families and friends to chip in at their own pace. This allows you to build up a steady investment habit, contributing as little as $20, $50, or even $100 each month. Additionally, the funds are invested in high-quality plans from Dodge and Cox, Vanguard, T. Rowe Price, Fidelity, and PIMCO.
The funds can be used for a wide range of education-related expenses at colleges, universities, trade schools, and graduate schools across Alabama and the U.S. This includes tuition, fees, room, and board (if enrolled at least half-time), books, supplies, and equipment required for enrollment.
Notably, under Section 529 of the IRS tax code, special tax benefits are provided for families saving for college expenses. Alabama taxpayers can even get a state income tax deduction of up to $10,000 for married couples filing jointly ($5,000 for single filers) on their contributions to CollegeCounts each year.
To enter an Alabama baby born between May 29, 2022, and May 29, 2023, in the 5/29 Day Giveaway, please visit www.collegecounts529.com/giveaway. Entries must be submitted by July 16, 2023. Winners must provide a birth certificate to receive the prize contribution of $529.
For further information on opening an account, understanding investment objectives, risks, and costs visit www.CollegeCounts529.com.
Secure your child’s future today, and make the most of this incredible opportunity!
