College Savings Month: A Time for Families to Explore Education Savings
Oklahoma parents strive to provide better lives for their children in a multitude of ways. One key way to fuel a child’s passion and support their future goals is through educational opportunities beyond high school. Obtaining a higher education degree is transformational.
Graduates of higher education experience higher long-term earnings, more stable employment and increased skills to meet today’s job market demands. According to the 2023 College Board report, Education Pays 2023: The Benefits of Higher Education for Individuals and Society, median earnings nationally for full-time, year-round workers age 25 and older with a bachelor’s degree was $73,300, which is 65% higher than individuals in the same age group with a high school diploma.1 Additionally, unemployment rates among 25- to 34-year-olds with at least a bachelor’s degree was 3.3%, compared with 8.3% for high school graduates in the same age group.
The State of Oklahoma has worked hard to keep college affordable with in-state choices at Oklahoma’s public universities and private colleges, along with 1- to 2-year degree and certificate programs at community colleges and CareerTech Centers. Funds in Oklahoma 529 accounts may be used for any of these options. In Oklahoma, the 2024 average annual undergraduate tuition and fees is $6,397 for state residents, which is roughly 9% lower than the national average.2
September is designated nationally as College Savings Month. For Oklahomans, it serves as a reminder to consider the advantages of Oklahoma 529 – our state’s official 529 education savings plan. In addition to tuition, Oklahoma 529 funds can be used for housing and food, fees, books, computers/tablets as well as equipment and supplies at eligible educational institutions in-state and nationwide. Oklahoma taxpayers also can reduce their state taxable income by up to $20,000 if married filing jointly ($10,000 filing single) from contributions made into an Oklahoma 529. This month, I encourage you to take time to learn about Oklahoma 529 and its benefits. Visit us at Oklahoma529.com.
About Oklahoma 529
Since 2000, Oklahoma 529 has been helping Oklahoma families save for education expenses. The Plan is overseen by the Oklahoma Board of Trustees and chaired by Oklahoma State Treasurer Todd Russ. Throughout 2024 and 2025, Treasurer Russ is visiting Oklahoma communities to speak about the importance of preparing for the cost of higher education and how Oklahoma families can begin saving. If you would like Treasurer Russ to speak to your organization or club, please contact Sara Morell at 405-522-6285.
Oklahoma 529 has served more than 90,000 students since Plan inception. Families have redeemed more than $1.0 billion for education expenses as of June 30, 2024.
To learn more about the Oklahoma 529, its investment objectives, risks, charges and expenses see the Plan Description at oklahoma529.com before investing. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for Oklahoma 529. Prior to investing, check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan.
Neither TIAA-CREF Tuition Financing, Inc., nor its affiliates, are responsible for the content found on any external website links contained herein.
1Ma, Jennifer and Matea Pender, College Board, Education Pays 2023: The Benefits of Higher Education for Individuals and Society.
2https://www.oklahoma529.com/learn/how-much-does-college-cost/
