SACRAMENTO, CA--(Marketwired - Sep 4, 2013) - September is National College Savings Month and ScholarShare, California's 529 college savings program is celebrating with its largest Facebook promotion to date. During the entire month of September, fans of ScholarShare's Facebook page are invited to enter the Share Your Spirit sweepstakes for the chance to win a $5,000 ScholarShare savings account or one of several other prizes.
California parents are also encouraged to upload an image of their young child showcasing school spirit of their dream college. Whether by face painting or donning their favorite school's football jersey, these photographs should illustrate the aspirations of each child. All uploaded images will receive a special ScholarShare piggy bank to teach these little ones about the importance of saving early for school with a college savings plan.
At the end of each week in September, ScholarShare will select one entrant to receive a $1,000 ScholarShare 529 college savings account. This leads up to the grand prize at the end of the month when one lucky entrant will receive a $5,000 to start a ScholarShare college savings account or add to an existing one. All parents or relatives of loved ones with a student in the eighth grade or lower can enter at www.facebook.com/scholarshare529 for their chance to win. More details about the sweepstakes, including official rules, prize details and eligibility, are available on ScholarShare's Facebook page. No purchase necessary. Void where prohibited. Sponsored by ScholarShare. The entry deadline for the sweepstakes is 11:59 p.m. PT on Friday, September 27.
It takes only $25 to open a new account. ScholarShare offers flexible features for anyone interested in starting a college savings plan. Any US citizen, or resident alien with a valid Social Security Number or Taxpayer Identification Number, can open a new account on behalf of a beneficiary. Funds can be used at any eligible educational institution in the nation, and some abroad, for a variety of qualified higher education expenses, including mandatory fees, books, supplies, or even certain room and board costs.
About the ScholarShare 529 College Savings Plan:
ScholarShare accounts may be opened with as little as $25 per investment portfolio. ScholarShare has no annual account maintenance fee, no income limit and offers a high maximum account balance. Established in 1999, ScholarShare currently holds more than $5 billion in assets in more than 245,000 accounts as of 6/30/13. To sign up for an account or for more information about the plan, visit www.scholarshare.com. For information about the ScholarShare Investment Board (SIB), visit www.treasurer.ca.gov/scholarshare. Like ScholarShare on Facebook at www.facebook.com/scholarshare529 and follow us on Twitter at @ScholarShare529.
Named for the section of the IRS code under which they were created, 529 plans offer valuable tax advantages. Contributions are made with money that has already been taxed. Once funds are placed in the account, investment earnings, if any, are not federally or state taxed, if withdrawn to pay for qualified college costs.
Consider the investment objectives, risks, charges and expenses before investing in the ScholarShare 529 College Savings Plan. Please visit www.scholarshare.com for a Program Disclosure Booklet containing this and other information. Read it carefully.
Before investing in a 529 plan, you should consider whether the state you or your Beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.
The tax information contained herein is not intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Non‐qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.
Investments in the Program are neither insured nor guaranteed and there is the risk of investment loss.
The ScholarShare 529 College Savings Plan Twitter and Facebook pages are managed by the state of California.
TIAA‐CREF Tuition Financing, Inc., Program Manager.