Celebrate National 529 Plan Day on May 29th

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Across the country, many states are celebrating 529 Day on May 29th this month. And if you don’t already have a college savings account, a number of states want to give you money to open a 529 savings plan and start saving.

Through virtual events (that may shift offline as Covid restrictions lift), contests, drawings, scholarships, and drawings, there are plenty of fun and creative ways to celebrate May 29th.

Keep reading below to find out what free money your state is giving out for 529 Day!

Find out what state plans are offering matching contributions, grants, and scholarships to encourage you top get started by opening a 529 plan today. And to learn a little bit about 529 plans. But really, 529 plan or not, May 29th is just a great day to talk about saving money for your child’s future education.

What’s a 529 Plan?

A 529 college savings plan is a tax-advantaged way for families to save for college. Funds in a college savings plan grow much faster than in a traditional savings account. 529 plan funds can see a 6% annual return on interest, versus less than 0.10% in your average savings account at the bank. Funds in your 529 plan account grow interest free year over year, and you pay no interest on that growth when you withdraw the funds for higher education tuition and related expenses. This can include tuition, dorm fees, text books, and other qualifying expenses at four-year colleges and universities, community colleges, trade schools, online courses, and tutoring, and even K-12 private school tuition.

Put another way, a 529 college savings plan gives you a better bang for your buck. Set aside $20 a week over 15 years in a traditional savings account, you would save $18,000 for college. Set aside that same amount every week over 15 years in a 529 plan, you could save over $28,000 for college*. That’s a huge difference with just $20 a week. Imagine the impact if you set aside $30, $50, or even $100 or more.

You can open a 529 plan in any state, not just your home state. Many states offer state tax advantages for opening a plan in your home state, but that’s not always the case. Find out more information about different 529 plan options here.

National 529 Day Prizes and Giveaways

A number of 529 plans and other Institutions are giving away scholarships and cash prizes to mark National 529 Day and bring awareness to ways to save for higher education.

CollegeCounts, Alabama’s 529 plan, is giving $529 to Alabama babies born between May 29, 2020 and May 29, 2021. Funds will be placed in the baby’s CollegeCounts 529 account. 29 winners will be selected. Registration starts May 29, 2021 and closes on July 16, 2021.

Alaska residents can celebrate 529 day with a free scoop of ice cream! Alaska 529 is sponsoring the ice cream extravaganza. Get a free scoop of ice cream at Wild Scoops (both locations) in Anchorage, at Coppa in Juneau, or at Cold Stone Creamery in Eagle River, Fairbanks, or Wasilla. Additionally, if you’re one of the first 100 families to visit the Fairbanks Children’s Museum on May 29, you’ll receive a free bag of special Alaska 529 swag.

Arizona State Treasurer Kimberly Yee is hosting an essay contest for Arizona fifth-graders. 20 winning students will receive $529 towards their AZ529 Education Savings account. Winners will be selected across all 15 of Arizona’s counties and nearly $11,000 in total will be awarded in total. Essay topic is “What is your dream job and how do you plan on achieving it in the future?” The contest will accept eligible entries through May 29, 2021. Entries can be submitted online or by mail to 5th Grade Essay Writing Contest, c/o Davidson Belluso, 4105 N. 20th St., Suite 155, Phoenix, AZ 85016.

Arkansas is awarding five contributions of $529 each into new or existing AR529 college savings accounts. Register with the online entry form for the AR529 Dream Big Sweepstakes May 17, 2021 to June 30, 2021.

California‘s ScholarShare 529 Plan is marking 529 Day on May 29th with $50 scholarships or bonuses for new ScholareShare accounts opened. Families must open a new ScholarShare account between May 24 – May 31, 2021 are eligible. They must fund their 529 plan account with at least $50 and set up automatic monthly contributions of $25 or more for at least 6 consecutive months.

Colorado: FirstBank, the 529 plan provider for Colorado’s SmartChoice CollegeInvest 529 Plan, is offering a cash giveaway of $2,500. The amount will be deposited into a CollegeInvest Smart Choice 529 Plan. For a chance at winning, deposit $1.00 or more into a new or existing Smart Choice 529 account during the month of May. Deposit must be made before close of business day on May 31st, 2021.

Connecticut‘s 529 Plan, Connecticut Higher Education Trust (CHET) College Savings Program, is sponsoring the Dream Big Competition. Official rules, entry materials, and prizes have yet to be announced. Competition entry will begin on 529 Day, or May 29, 2021.

Additionally, any baby less than a year old who resides in Connecticut qualifies for a $250 bonus in their CHET 529 Plan. CHET Baby Scholars program is designed to promote saving for college from an early age. Baby Scholars will receive $100 immediately upon the opening of their CHET 529 account (no contribution required by parents or guardians). Save at least $150 to their CHET plan before the child reaches age 4, and State of Connecticut will match your contributions with an additional $150. Adopted children who reside in Connecticut are also eligible for the CHET Baby Scholars program if their account is opened before the child reaches their 1-year anniversary of adoption.

Idaho is encourage family members to start saving with their IDeal (Idaho State 529 plan) $25 giveaway. IDeal is offering a $25 match for the first 200 new accounts opened for children age 5 and under. Eligible new accounts must be funded with at least $25 (or $15 if setting up automatic recurring contributions) and be opened by May 29th, 2021.

Indiana is celebrating 529 day with the College Choice Faces of 529 Day Contest. Fill out the online entry form and submit a captioned photo of the family member or beneficiary you are saving for. One lucky child will be selected to win a $529 contribution in their College Choice 529 savings account. Submit your entry by May 29, 2021 for a chance to win.

Iowa’s state treasurer, Michael Fitzgerald, is sponsoring a massive giveaway of over $50,000 to celebrate National 529 Day. Ninety-nine winners (one from each of Iowa’s 99 counties) will win $529 for their Iowa 529 college savings plans. One grand prizer winner will get $1,529 for their 529 plan. This contest is open to Iowa residents only, and winnings are for children under 18. Winnings will be deposited into the child’s existing Iowa 529 savings plan or newly established College Savings Iowa Plan.

Kansas State Treasurer Lynn Rogers is hosting National 529 Day celebrations on May 29th at three different children’s museums: Kansas Children’s Discovery Center in Topeka, Flint Hills Discovery Center in Manhattan, and Exploration place in Wichita. Secretary Rogers will visit each of these locations s to promote Kansas’ Quest 529 Savings Plan and discuss ways to save for higher education and financial aid. Admission costs will be covered for up to 529 entrants and a scholarship in the amount of $529 will be given away at each museum location.

Louisiana is celebrating 529 Day all month long, befitting its party-state reputation. The Louisiana Office of Student Financial Assistance is sponsoring a series of social media activities and contests throughout May. Instructions for various contests will be posted on the Louisiana 529 START Saving Program’s Facebook and Twitter pages. The first five people to submit a video, drawing, or other directed task will receive a prize of $29. Prize winnings will be deposited into a new START account of the winner’s choice. Additionally, all participants will have their name entered into a drawing for a shot at a grand prize of $529 deposited into their START account. Look for the hashtag #GeauxSTARTSaving on Facebook and Twitter.

The state of Maine will be working extra hard in May 2021 to raise awareness for its state-sponsored NextGen 529 plan through mail, television, radio, social media, and other digital outreach. The campaign’s goal is also to provide some much needed graduation fanfare for Maine students and their families, and to let them know that there many matching grant opportunities for Maine residents. The Alfond Scholarship Foundation, for example, gives a $500 grant to any baby born a Maine resident on or after January 1, 2013. You can use these funds to open a NextGen 529 account for your child with no additional contribution required.

In Massachusetts , MEFA will be celebrating 529 Day the whole week leading up to Saturday, May 29th. MEFA is hosting a series of events focused on promoting the benefits of 529 college savings plans and 529 ABLE plans. This includes a live event with Mass. State Treasurer Deborah Goldberg on Tuesday, May 25th and there will be three college savings webinars. Sessions in English and Spanish are offered.

Minnesota is celebrating National 529 Day with a $50 match for new MNSAVES 529 accounts opened May 24- May 31, 2021. A $50 match is given for new accounts opened with a minimum initial deposit of at least $50 and at least 6 recurring contributions of $25 or more each month.

Missouri is celebrating National 529 Day with three drawings to win $5,029 in a MOST Missouri 529 Education Plan account. The three drawings will take place on May 15, on 2021, May 29, 2021, and the final one on June 4th. These drawings are open to Missouri residents only. Enter the MOST sweepstakes for your chance to win. Participants can receive double entries (chances to win) for liking or following MOST on social media.

In Nevada, the Office of the State Treasurer will host a discussion on how Nevada families can plan, save, and pay for their child’s post-secondary education. Interested families can learn about College Kick Start and NV529 college savings plans, financial aid options, student loans, and scholarships. Additionally, children 17 and under will get FREE admission all day at the Nevada Discovery Museum in Reno. The first 100 children 18 and under will get FREE admission all day at the Discovery Children’s Museum in Las Vegas. Scholarship giveaways may be announced at a later date.

North Carolina is sponsoring the Spring Into Saving: NC 5/29 Day Giveaway, a drawing sponsored by College Foundation, Inc. The giveaway event will run throughout the entire month of May 2021. One winner will receive a $1,529 contribution to their NC 529 account. The drawing is open to all current and new NC 529 account holders.

North Dakota is celebrating National 529 College Savings Day by giving away $529 to five winners. Enter the contest online by May 27, 2021. Five lucky winners will win $529 in their new or existing College SAVE 529 plan account. The giveaway is sponsored by the Bank of North Dakota. Only one entry per family is allowed.

Oklahoma is celebrating National 529 Day with a $50 match for all new OK4Saving 529 accounts opened May 24 – May 31, 2021 with a minimum initial deposit of $50. Recurring contribution (of at least $25 a month for 6 months or more) must be set up.

South Carolina babies born on May 29, 2021 are eligible for a PalmettoBaby Program grant of $529. This a privately funded grant that is available when their parents open a new Future Scholar account. The deadline to apply for a 2021 Palmetto Baby Grant is August 31, 2021.

Texas is celebrating 529 Day by building public awareness in the days leading up to, and shortly following, May 29, 2021. This includes a press release, social media campaigns, email blasts, webinars, and virtual outreach. On May 26, 2021, representatives of the Texas Comptroller Office will host a webinar on Texas savings plans.

GET $25 FREE COLLEGE MONEY FROM UPROMISE and a shot at $529 scholarship every month. Upromise is a free loyalty program that helps families save for their child’s college education. Unlike other loyalty programs that pay points, miles, or gift cards, Upromise awards money to your child’s 529 colleges savings account. The free Upromise rewards program awards five families a $529 college scholarship every month. The five winners are randomly picked (grand drawing). You must have an active Upromise account.

Additionally, you can get $25 in free college money. Join Upromise and link your 529 college saving account and get a free $25 for your child’s college fund. This deal may not last long.

Utah is once again celebrating 529 Day by awarding contributions matches of up to $40 for newly opened My529 college savings accounts. The account beneficiary (child or student) must be new to My529 and the account must be opened in May of 2021. This promotion is open to Utah residents only. You must make a minimum opening deposit of at least $25, and set up a monthly automatic contribution for at least 6 consecutive months. Visit my529.org for more details.

Vermont isn’t giving away grants or scholarships this year for National 529 Day, but the state still deserves a shoutout on the this list. The Vermont Higher Education Investment Plan has a new nickname! VHEIP was just awkward to spell, say, or remember, so from now on VHEIP is referred to as VT529. Additionally, you can buy college gift cards for VT high school graduates saving for college. VSAC Gift of College gift cards are available at number of local Vermont stores, including Kinney Drugs and Cumberland Farms. Unlike cash, you know it’s going to a great cause and it’s perfect for any college-bound VT high school grad.

Virginia is sponsoring the Invest529 Tuition + $10K Giveaway to celebrate 529 Plan Day. To qualify for a shot at $10,000, open an Invest529 account between May 18 – June 1, 2021 and fund it with at least $25. Three lucky families will win $10,000 for their child’s or loved one’s 529 college fund.

Wisconsin is celebrating 529 Day with a $50 match for new Edvest College Savings Plan accounts opened May 24 – May 31, 2021. A minimum opening deposit of $50 is required, and you must also set up recurring monthly contributions of at least $25 a month for 6 months or more. Visit Edvest.com for more details.

National 529 Day: Summing It Up

After over a dreary year of Covid, 529 Day should provided some much needed fanfare. It’s a way to celebrate and plan for your child’s future, and to start a conversation about paying for college.

Maybe you already have a well-funded savings account or trust fund. But if you haven’t started already, May 29th is a great time to begin saving.

Upromise and many states are organizing giveaways, matching contributions, and other prizes if you open a new account on or around May 29th, so take advantage of those extra benefits. You can save for college with just a few extra dollars a month.

*This assumes hypothetical 6% rate of return on your 529 plan account, based on past performance across 529 plans. Investment options vary. Past performance does not necessarily predict future performance. Seek the advice of qualified financial professionals or financial advisors.

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