Oklahoma 529 College Savings Plan (OCSP) Helps Parents Save
Oklahoma 529 College Savings Plan (OCSP)
About: The Oklahoma 529 College Savings Plan (OCSP) is a state-sponsored, tax-advantaged 529 college savings plan that’s helping families and individuals plan for the cost of higher education. It’s available to any citizen or taxpayer.
And, just about anyone can help contribute including Grandparents, other family members, and friends. Oklahoma College Savings Plan, a TIAA-managed 529 savings program features three age-based options, three equity options, a balanced option, a fixed income option, and a guaranteed option.
Investment Options: Three Managed Allocation Options (Conservative, Moderate, and Aggressive) each contain 6 portfolios of underlying mutual funds. Contributors can also select among 4 multi-fund options (Diversified Equity, Global Equity Index, Balanced, and Fixed Income), 1 individual fund option ( U.S. Equity Index) and the Guaranteed Option. TIAA-managed 529 savings program for Oklahoma College Savings Plan.
Tax Benefits: Contributions to an Oklahoma 529 plan, including rollover contributions, of up to $10,000 per year by an individual, and up to $20,000 per year by a married couple filing jointly, are deductible in computing Oklahoma taxable income, with a five-year carryforward of excess contributions.
State Residency Requirements: No state residency is required to participate in Oklahoma 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards that can be used for college and tuition expenses.
The beauty of the Upromise program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.