Local Newborn Wins Virginia529 College Account

Published 2:06 pm Tuesday, July 9, 2013

The Virignia529 College Savings Plan awarded $529 accounts to 20 babies born May 29, 2013. The initiative is part of 529 College Savings Day, a national campaign to raise awareness about the importance of saving for higher education through tax-advantaged 529 plans.

To raise awareness about the importance of saving for higher education through tax-advantaged 529 plans, Virginia529 College Savings Plan (Virginia529) celebrated May 29 (5/29) – National 529 College Savings Day – by, among other special events, awarding Virginia529 inVEST accounts to this group of 529 Day babies.

“According to a recent survey, 88 percent of parents believe it is important for their children’s future to attend college,” said Mary G. Morris, CEO of Virginia529. “Yet, most are not regularly saving for higher education costs. There’s a disconnect between the value of education and the reality of covering the costs. Virginia529’s mission is to help families find ways to make college more affordable and accessible.”

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To focus families on the importance of starting early to save for future higher education costs, Virginia529 and hospitals across the Commonwealth are partnering in the 529 Day baby contest. Participating hospitals, where babies born on May 29, 2013 were eligible for the giveaway, include: Centra Southside Community Hospital, Farmville.

With the cost to attend college rising on average at twice the inflation rate, saving through tax-advantaged 529 plans helps reduce the financial burden on students and their families. Contributions grow free from state and federal income taxes when used for qualified higher education expenses and Virginia taxpayers are entitled to deductions for state income tax purposes for their contributions. Virginia529 offers four tax-advantaged college savings programs that can be used at eligible public and private colleges and trade schools worldwide.

Learn more about 529Day events and contests at Virginia529.com/529day.