Iowa Newborns Could Win $1,000 College Savings Plan
Category: Misc. Deals, News and Notes- fhuff- 6:08 pm/ December 19, 2009Parents of babies born in Iowa hospitals can register their child for a chance to win a $1,000 College Savings Iowa 529 Plan. One winner of a 529 savings plan is randomly chosen each month.
All Iowa newborns are eligible to participate in the giveaway, but parents must register to be entered into the drawing. Sixty-six hospitals in the state participate in the program.
The Iowa 529 savings plan helps parents plan for college costs. People who open savings accounts through the program can choose from 13 investment options from Vanguard. Iowans also can deduct up to $2,800 of what they contribute to the savings accounts on their 2009 state tax return.
Withdrawals from 529s can be used to pay for qualified college education expenses such as tuition, books, and room and board. The money in a 529 savings plan can be used at any accredited college, university, community college, or technical training school in the U.S. or abroad.
Parents of newborns who don’t win a $1,000 account are still encouraged to begin saving for college early. “New parents have a lot on their minds, but saving with College Savings Iowa doesn’t take much time and is easy to do. They can open an account in about ten minutes with just $25,” Iowa Treasurer Michael Fitzgerald said in a statement.
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