January marks a major milestone for Oklahomans saving for college as the Oklahoma 529 College Savings Plan surpassed the $1 billion asset mark on Jan. 16.

“Surpassing $1 billion in assets reinforces the importance Oklahoma families place on higher education,” State Treasurer Randy McDaniel said. “It also speaks to the significant investments families across the state continue to make each day for their higher education expenses like tuition, fees, room and board, books and more. The state¹s tax-advantaged, easy-to-manage 529 plan offers many ways for families to save and contribute to their child¹s future.”

As OCSP is set to celebrate its 20th anniversary later this year, McDaniel reminded families the Oklahoma 529 College Savings Plan¹s earnings grow free from federal and state income tax and can be used for most costs associated with attending college or technology centers.

Contributions to an Oklahoma 529 College Savings Plan may qualify for a state tax deduction up to $20,000 for joint filers and up to $10,000 for single filers. Funds can be used at most accredited colleges, universities and technology centers in the U.S. and internationally.

“With most job openings requiring a higher education, it¹s crucial to prepare younger generations for tomorrow’s workforce,” McDaniel said. “That¹s why Oklahoma is committed to ensuring families have access to the investment tools needed to set their children up for success.”

For more information, go to www.ok4saving.org or call 877-654-7284.