Saving for College Matters

8/21/2013

 

Savings reduces student debt and increases access

If you're one of those parents or grandparents looking to win something at the Minnesota State Fair for the child in your life, add the Minnesota Office of Higher Education to your list of places to check out.

Each day, one lucky winner will receive a $200 Minnesota College Savings Plan account, as well as assistance with setting up the account, if needed. The $200 award will be deposited directly into the account of current participants in the Minnesota College Savings Plan.

"Not only does a college savings account help pay for college, there is also growing evidence that it inspires kids to do well in school and pursue a postsecondary education," said Larry Pogemiller, Commissioner 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 a March 2012 report released by the New America Foundation, savings uniquely builds both the resources and the expectations necessary to increase access by students from low-income families. According to the report, the perception that higher education is financially unattainable can cause students to reduce their academic effort and college prep activities as early as the fifth grade. A savings account can turn this effort around by helping students believe college is possible.

The daily drawing is sponsored by the Office of Higher Education, with funding provided by the Minnesota Private College Council (MPCC) and TIAA-CREF, the Plan Manager of the College Savings Plan. The drawing will take place between 4:00 and 5:00 p.m. every day during the State Fair. A range of volunteers will draw daily, including state and higher education leaders and students.

On Thursday the 29th, Crunch, the mascot for the Minnesota Timberwolves, will be at the Higher Education booth from 4:00-5:00, entertaining visitors and drawing 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: https://www.mnsaves.org.

For more information about the State Fair drawing contact Sandy Connolly at 651-259-3902.