College savings for every future
Understanding 529 Plans and Their Benefits
Give the gift of knowledge, career skills and life-changing opportunities to a loved one—in the form of a tax-advantaged, benefits-oriented college savings account that can be used for a variety of qualified educational expenses.
What is a 529 Plan?
Kick–start your college fund with an account that’s flexible, simple to manage and grows tax-deferred!
A tax–advantaged way to save for college and other educational expenses
A lower impact on financial aid qualification than many other investment options
Can be opened with only $25 and 15 minutes of your time
What can an Oklahoma 529 do for me?
Tax-advantaged growth potential
With an Oklahoma 529 account, you could save more with tax–deferred growth and 100% tax–free earnings for qualified withdrawals. Oklahoma taxpayers can also reduce their state taxable income up to $20,000 per year. When you pay less taxes, you have the ability to earn more and grow your college savings account faster—giving your beneficiary an even bigger head start!
With our 529 plan, you can grow your college savings faster.
Potential growth of $1 invested over an 18–year period with Oklahoma 529 tax advantages*
- Bank Savings Account
- $1.01
- Taxable Investments
- $2.34
- Oklahoma 529
- $2.85
Read about material differences between bank savings accounts, taxable investments and Oklahoma 529.
Graph Footnotes
- *Hypothetical example. Assumes Taxable Investments/Oklahoma 529 ROI of 6% compounded annually and a savings account ROI of 0.06% (average rate for week of 1/6/2022 per FDIC: https://www.fdic.gov/resources/bankers/national-rates/index.html), compounded continuously. Tax calculations assume federal tax rate of 22%, an OK tax rate of 5.25%, that all taxes are paid at the end of the 18th year, and that state taxes are not federally deductible. This illustration is for informational or educational purposes only and does not constitute advice, represent actual performance or predict future results and does not reflect any reduction for expenses or benefit of a state tax deduction for Oklahoma 529 contributions. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Be sure to consult your legal or tax professional for tax advice.↩
Flexible spending
An Oklahoma 529 plan account can be used to pay for a wide range of qualifying educational expenses. Plus, you can withdraw money as needed for qualified expenses and even transfer funds to eligible beneficiaries at no cost.
- Use your savings at colleges, universities, career technology centers and community colleges; at graduate or post-graduate schools, professional programs, apprenticeships; and more.3
- Pay for tuition, fees, computers, textbooks, room and board or off-campus rent, and other required expenses.
- Pay for qualifying K-12 tuition expenses as well as any additional Oklahoma Concurrent Enrollment or Career Tech costs.3
- Use your funds at eligible institutions in-state or anywhere in the world!
- Even use for student loan repayment subject to a lifetime limit of $10,000 per individual.3
Low fees and expenses
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When you open an account, you can enjoy a variety of no-cost perks like:
- NO application fees
- NO cancellation fees
- NO change–in–beneficiary fees
- NO change–in–investment-portfolio fees
- NO loads or sales charges
- NO commissions
- NO transfer fees
Investment Options
The Oklahoma 529 offers a variety of professionally managed investment portfolios to fit your life situation, risk tolerance and college savings goals. So whether you’re a new or experienced investor, prefer to be hands-on or would rather “set and forget,” there’s a plan for you!
Investment OptionsThis 529 plan was created by the State of Oklahoma
The Oklahoma Board of Trustees selected TIAA–CREF Tuition Financing, Inc. (TFI) as the Direct Plan Manager. TFI is a wholly owned subsidiary of TIAA, one of America’s leading financial services organizations for over 100 years.
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