Invest $100 for College, Earn an Extra $50 from Virginia529

Opening a college savings account is much easier this month, thanks to a matching program offered by Virginia529 College Savings Plan (Virginia529). To encourage families who have not yet begun to save for higher education, Virginia529 is giving a $50 match contribution to everyone who opens a Virginia529 inVEST (inVEST) account online with at least $100 between May 15 and 29, 2014.

In addition to the matching contributions, Virginia529 will award one person a $2,500 contribution for a new or existing Virginia529 account. Virginia529 also is waiving online application fees during the matching program to ensure all of a participant’s deposit goes toward his or her account.

“One quarter of parents and grandparents cite procrastination as the reason they have not started saving for the college educations of their children or grandchildren,” said Mary Morris, Virginia529 CEO. “We know many families plan to help their children with these costs and wanted to give them a little incentive to begin."

529 accounts can be used for public and private higher education nationwide, including at community colleges. Because the funds can be used for technical, continuing education and advanced degree programs, 529 accounts can benefit adults as well as children.

The tax advantages of 529 accounts make them smart solutions for avoiding student debt. Earnings on the savings in 529 accounts are free from state and federal taxes when used for qualified higher education expenses. Virginia taxpayers enjoy an additional benefit when saving with Virginia529: a state individual income-tax deduction of up to $4,000 per account per year.

The promotions are part of 529 College Savings Day (529 Day), a nationwide initiative to raise awareness about the importance of saving for higher education. 529 Day is Thursday, May 29.

Learn more about the 529 Day special offers at Virginia529.com/529day.

About Virginia529 College Savings Plan:

Virginia529 is a 529 college savings plan that offers flexible, affordable, tax-advantaged savings for qualified higher education expenses through its four programs: Virginia529 prePAID SM (prePAID SM), Virginia529 inVEST SM (inVEST SM), CollegeAmerica® and CollegeWealth®. More than $50 billion in assets under management and 2.3 million accounts as of March 31, 2014 make Virginia529 the largest 529 plan available. For more information on Virginia529’s college savings options, visit Virginia529.com or call 1-888-567-0540 to obtain program materials. These include information on Virginia529 programs, investment objectives, risks, charges, expenses and other important information; read and consider them carefully before investing. All investments are subject to risk, including the possible loss of the money you invest.