:: External Links ::
- FAFSA on the Web (external link)
- Federal Student Aid Website (external link)
- Grants.gov (external link)
- Going2College.org (external link)
- Money Management (external link)
- OKMM Clearinghouse (external link)
- Mapping Your Future (external link)
- SmartStudent Guide (external link)
- Scholarship Search (external link)
- Scholarship Scam Information (external link)
- Oklahoma Student Center (external link)
:: Saving for College ::
Saving for college is a great investment in your future. There are several ways to build a college fund, but two of the most common methods are described below. You can also visit SavingForCollege.com (external link) to access tools and calculators to help you research college costs and savings options.
College Savings Chart |
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|---|---|---|---|---|
| Age Savings Begins | $20 per month | $30 per month | $50 per month | $100 per month |
| Birth | $6,984 | $10,476 | $17,460 | $34,920 |
| Age 5 | $4,382 | $6,573 | $10,955 | $21,911 |
| Age 10 | $2,355 | $3,532 | $5,887 | $11,774 |
| Age 15 | $785 | $1,163 | $1,938 | $3,875 |
Oklahoma College Savings Plan
Contributions to Oklahoma’s 529 College Savings Plan grow tax-free, are deductible from your state taxes (up to a certain level) and can be deducted from your paycheck by your employer.
In addition, 529 plans have no income requirements or annual contribution limit and if a beneficiary decides not to attend a post-secondary institution, contributed funds can be transferred to another eligible beneficiary. The program also includes many investment options and the flexibility to use your savings at higher education institutions across the United States and abroad.
For more information, call 877.654.7284 (toll-free) or visit OK4Saving.org (external link).
Coverdell Education Savings Account
A Coverdell Education Savings Account (ESA) is another option to consider. An ESA is a trust or custodial account created to fund elementary, secondary and college education expenses. Annual contributions, which grow tax-deferred, are limited to $2,000. Considerations include:
- The amount you can contribute to an ESA is determined by your income level.
- The funds must be used by the time the student turns 30 or the earnings become taxable and a penalty is applied.
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