The Oklahoma State Treasury Department sends this information as posted below:
Oklahoma City (Feb. 11, 2025) – State Treasurer Todd Russ today announced the state’s official direct-sold college savings plan marks its 25th anniversary this year. Since the plan’s launch in 2000, the Oklahoma 529 has served almost 100,000 students and their families, across all 77 counties, save for higher education. 1
“As we celebrate 25 years of Oklahoma 529, we honor the countless Oklahoma families who have chosen to invest in education and a brighter future,” Russ said. “Their commitment to saving today paves the way for opportunities tomorrow, reducing the burden of student loan debt and empowering students to focus on achieving their dreams. I hope this milestone reminds families on how Oklahoma 529 can have a collective impact of planning ahead while enabling students to focus on building skills and knowledge for a successful future—not just for individual success but for the future of our great state.”
It is no small achievement that Oklahoma 529 currently manages over $1.4 billion in assets and 72,000 accounts. Almost 30,000 account owners have withdrawn over $1.1 billion on behalf of almost 46,000 students to cover education expenses such as tuition, books, housing and fees at schools both in Oklahoma and throughout the United States.1
The top six schools receiving qualified Oklahoma 529 withdrawals include the University of Oklahoma, Oklahoma State University, University of Central Oklahoma, University of Tulsa, Oklahoma Baptist University and Oklahoma City Community College. The top three out-of-state schools are University of Arkansas, Baylor University and Texas Christian University. 1
Established as the Oklahoma College Savings Plan, Russ said the Plan has expanded in recent years to make it more flexible for Oklahomans – adopting its current name in August 2023 to reflect the change. Funds can help pay for tuition and fees at Oklahoma CareerTech Centers and graduate and professional schools as well as for K-12 tuition up to $10,000 annually per student. Funds also can be used toward expenses associated with certified apprenticeship programs, concurrent enrollment and student loan repayment subject to a lifetime limit of $10,000 per individual.2
Russ also reminded Oklahoma families they have until April 15, 2025, to open and contribute to an Oklahoma 529 account and qualify for a state tax deduction on their 2024 taxes. Individual taxpayers may deduct up to $10,000 in Oklahoma 529 contributions each year from their Oklahoma adjusted gross income, and taxpayers filing jointly may deduct up to $20,000. Investment earnings are 100% free from federal and state taxes when used for qualified education expenses.
“Over the past 25 years, we’ve seen the incredible impact Oklahoma 529 has had on families across our state. As we look to the future, our mission remains clear: to empower families to save for education, help children turn their dreams into reality, and invest in a stronger, brighter future for Oklahoma,” said Treasurer Russ.
For more information about Oklahoma 529 or to open an account, visit www.oklahoma529.com or call (877) 654-7384.
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