MN SAVES Offering Sweepstakes for Minnesota Families
ST. PAUL (WJON News) -- Minnesota families have an easy option to start saving money for college.
MN Saves the Minnesota 529 College Savings Plan has been in existence for over 20 years.
Jim Mandler is the Senior Marketing Manager. He says it works on three fronts. First, you can invest after-tax dollars into a savings account with that money growing tax deferred.
You then have the ability to withdraw the money and use it for higher education tax-free, all of the earnings would be tax-free. And the third prong is there is a Minnesota college savings plan tax advantage as well, you can either take a deduction or a credit.
Mandler says there is a wide range of investment options depending on your risk tolerance including going from more aggressive to less aggressive as your child gets closer to entering college.
Right now they have a special sweepstakes initiative where six Minnesota families will win $529 to start or add to an MN Saves account. One random winner will be awarded the prize each month from November through April.
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Gallery Credit: Meagan Drillinger