There are 10 things about college and saving for college that every Oklahoma family needs to know. This infographic design is a great visual explainer of how college savings works (it’s easier than you think), and what the state of Oklahoma is doing to help families.
You can click or tap on the visual below to enlarge it, and keep reading below this infographic design too where you’ll fund a written overview of how saving for college works in Oklahoma.
10 Things for Oklahoma Families to Know About Saving for College
1. By the end of the decade, 70% of jobs will require college degrees or some form of post-secondary education.
2. $33,000 is the average student debt per borrower for the graduating college class of 2020.
3. $211K is the projected cost of a 4-year college degree at an in-state school in 2035.
4. A 529 plan offers your family a tax-advantaged way to save for college and other higher education expenses. Funds in a 529 plan can go to technical college or vocational school, college or university, trade school, study abroad programs, K-12 private school tuition, books, computers and school supplies, room and board, and even student loan debt.
5. Oklahoma College Savings Plan is Oklahoma’s direct-sold 529 college savings plan. Consumers can directly sign up or enroll in this plan online.
6. Oklahoma Dream Plan is the state’s advisor-sold 529 college savings plan.
7. Out-of-state enrollments are allowed for both of Oklahoma’s 529 plans.
8. $300,000 is the plan’s maximum contribution limit. Contributions may be made until the balance of all Oklahoma 529 plan(s) for the same one individual reaches $300K. Funds already invested can remain in the plan(s) and continue to gain interest, but no additional funds may be contributed.
9. Oklahoma offers tax filers generous state tax benefits. Up to $20,000/yr can be claimed on a state tax return for joint filers, or up to $10,000/yr for single filers.
10. $18,648 is how much more you’ll save (or earn) for college by putting your savings for college in a 529 plan instead of a regular savings account at the bank.
Let’s remember that one of the main reasons to go to college is so that you can increase your earning potential. If you want to maximize how munch money you can make in your career, check-out OpenComp’s tool that shows the salary ranges for various careers
You can also find more information in this article on Oklahoma 529 plan basics, or checking out OK4savings.org.
Oklahoma 529 plan accounts are eligible to be linked to the free Upromise Rewards program. Across the country, Upromise has helped families more than $1 Billion for college. Join free and earn cash rebates and other free cash rewards to save money for college and your child’s 529 plan. Additionally, every month 5 Upromise members win a $529 scholarship.
*This assumes a 6% hypothetical rate of return for 529 plans compounded annually and assumes a 0.05% APY or annual interest rate for a savings account. The information in the infographic chart is for illustrative purposes. Funds invested in a 529 plan may see higher or lower rates of return than illustrated in this example.
- Delaware 529 Plan Basics
- California 529 Plans: A Quick Glance Infographic
- Nebraska 529 Plan Basics
- Illinois 529 Plan Basics
- 10 Things Every Rhode Island Family Should Know About College Savings
- 10 Things Every Ohio Family Should Know About College Savings
- Tips and Tricks to Make Learning from Home Easier
- The Best Reward Apps To Help You Save For College Today
- 10 Things Every California Family Should Know About College Savings
- North Carolina 529 Plan Basics
- 10 Things Every Pennsylvania Family Should Know About College Savings
- Arkansas 529 Plan Basics
Check out these College Savings: 529 Plan Basics by State
Western 529 Plans
- Alaska 529 Plan
- California 529 Plan
- Colorado 529 Plan
- Hawaii 529 Plan
- Idaho 529 Plan
- Montana 529 Plan
- Nevada 529 Plan
- Oregon 529 Plan
- Washington 529 Plan
- Utah 529 Plan
Southwest 529 Plans
Midwest 259 Plans
Northeast 529 Plans
- Connecticut 529 Plan
- Delaware 529 Plan
- Maine 529 Plan
- Maryland 529 Plan
- Massachusetts 529 Plan
- New Hampshire 529 Plan
- New Jersey 529 Plan
- New York 529 Plan
- Pennsylvania 529 Plan
- Rhode Island 529 Plan
- Vermont 529 Plan
- Washington DC 529 Plan
Southeast 529 Plans
- Alabama 529 Plan
- Arkansas 529 Plan
- Florida 529 Plan
- Georgia 529 Plan
- Kentucky 529 Plan
- Louisiana 529 Plan
- Mississippi 529 Plan
- North Carolina 529 Plan
- South Carolina 529 Plan
- Tennessee 529 Plan
- West Virginia 529 Plan
- Virginia 529 Plan