CollegeAdvantage is launching a new logo which reflects that CollegeAdvantage is Ohio’s 529 Plan and for many is the best choice to save for higher education costs nationwide and especially for Ohioans.
After eighteen years of CollegeAdvantage, research showed that Ohioans were faster to act and begin saving for their children’s future college costs when they recognized CollegeAdvantage as “Ohio’s 529 Plan.” A study also showed that the new logo helped a vast majority of participants to correctly associate Ohio’s 529 Plan as a college savings organization. Effective today, CollegeAdvantage’s brand has been officially changed to “Ohio’s 529 Plan, CollegeAdvantage.”
“We’re still the same trusted tax-advantaged college savings plan which over the last seven years has received silver rating and best-in-class honors from Morningstar as well as a Five (5)-Cap Rating from Saving for College.com. Just as 401(k) is readily associated with retirement savings, we want everyone to have similar recognition of 529 and specifically Ohio’s 529 Plan, as the best way to save for whatever education or training comes after high school,” said Tim Gorrell, executive director.
Named after Section 529 of the Internal Revenue Code, Ohio’s 529 Plan offers a tax-advantaged way to save for future college costs. Funds saved in Ohio’s 529 Plan are tax-free when used to pay higher education expenses such as: tuition, general fees, books, computers, and room and board. Ohio’s 529 Plan (like all other 529 plans) was created to help families save for higher education costs and reduce the need for student loans.
In Ohio, any Ohio taxpayer including parents, grandparents, family members and friends who contribute to an Ohio 529 account can claim a deduction of up to $4,000 in contributions per beneficiary, per year on their state of Ohio taxable income. The yearly maximum allowable deduction is $4,000, but contributors can invest even more. Ohio allows contributions in excess of $4,000 per beneficiary, per year, to be carried forward to future tax years until fully deducted.
Funds saved in Ohio’s 529 Plan can be used to pay higher education expenses at any accredited college, university or degree program in the country.