Thinking about starting a college savings account for your child or grandchild's future education? Stop by the Minnesota Office of Higher Education (OHE) booth at the Minnesota State Fair and register for the chance to make your dream a reality.
Parents and grandparents are encouraged to visit the OHE booth in the Education Building and sign up for the opportunity to open a Minnesota College Savings Plan account. Daily winners will receive $200 and assistance with setting the account up, if needed. The $200 award will be deposited directly into the account of current participants in the Minnesota College Savings Plan.
"In today's world, saving for college is more important than ever," said Larry Pogemiller, Director of the Office of Higher Education. "What could be a better give-away at the State Fair than an investment in the future?"
According to an upcoming paper in the Journal of Family and Economic Issues, even a small savings account for a child can inspire kids to do well in school and pursue a post-secondary education. This correlation is especially strong among children whose families earn less than $50,000 a year. According to the paper, these students are three times more likely to be on course to graduate than their low- and moderate-income peers without any savings.
The daily drawing is sponsored by the Office of Higher Education, with funding provided by the Minnesota Private College Council (MPCC) and other non-taxpayer administrative revenues.
The drawing will take place at 5:00 p.m. every day during the State Fair. State and higher education leaders will be on hand to draw the winning name. You do not need to be present to win, but you must register daily.
The Minnesota College Savings Plan is a 529 account helping families save for future higher education expenses. More information about the Plan can be found at www.mnsaves.org.
For more information about the State Fair drawing contact Sandy Connolly at 651-259-3902.
Minnesota College Savings Plan
The Minnesota College Savings Plan provides tax-advantaged ways for families to save for higher education tuition and other expenses. Started in September, 2001, the Minnesota College Savings Plan has helped thousands of families save for their loved one's future college expenses. The Minnesota Office of Higher Education is responsible for implementing and administering the Plan. The Minnesota State Board of Investment is responsible for investing money deposited in accounts in the Plan. TIAA-CREF, Tuition Financing, Inc. has been selected by the Minnesota Office of Higher Education and the Minnesota State Board of Investment as the Plan Manager for the Minnesota College Savings Plan. Minnesota College Savings Plan account owners can choose from six low-priced investment options. Account owners have invested nearly $950 million dollars in Minnesota College Savings Plan to date. You can learn more about the Minnesota College Savings Plan at www.mnsaves.org.