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CollegeAdvantage is Ohio's 529 college savings program that helps families save and invest on a tax-advantaged basis to fund future higher education expenses of a child or grandchild.
Parents, grandparents, family and friends can establish a College Advantage account. This fall, CollegeAdvantage will launch a statewide awareness and advertising campaign to encourage parents to save with Ohio's 529 plan for their children's college education.
Here are some facts about CollegeAdvantage, Ohio's 529 plan:
- Tax-free: Funds invested in CollegeAdvantage grow tax-free. Withdrawals used for qualified higher education expenses are exempt from both federal and state of Ohio taxes.
- State of Ohio tax deduction: Up to $2,000 annual deduction from Ohio adjusted gross income per beneficiary with unlimited carry-forward of annual contributions that exceed $2,000.
- Use anywhere: Funds can be used at any Ohio college or any college in the country to pay for tuition, fees, room and board, and books.
- Choose your beneficiary: A beneficiary can be any age and any relation to the account owner.
- Transfer and refund options: Account owners can transfer funds to another beneficiary who is a member of the family, or request a withdrawal at any time.
- Affordable contributions: Contributions can be made online, through payroll deduction, or electronic funds transfer through a bank account. Contri-butions can be made for as little as $25.
- Professional money management: Benefit from professional money management by leading mutual fund companies. Save with FDIC-insured bank products.
- Low fees: Pay no enrollment or maintenance fee and low administrative fees.
Ohioans are encouraged to go online to www.collegeadvantage529.com, or call the toll-free hotline at (800) AFFORD-IT (233-6734) for free program information.