Two Georgia kids will win $10,529 for their college savings as part of the Path2College 529 Plan's 10,000 Reasons to Save Sweepstakes.
The contest will award one family who already is saving with Path2College and one non-account holder with $10,529 each for his or her college savings. The two winners' schools also will receive $10,529 each.
The sweepstakes' main focus is to motivate more families to save for college so students are financially prepared for higher education, Mitch Seabaugh, director of the Path2College 529 Plan, said in a news release.
"But several of our sweepstakes, like this one, also help prepare students academically by contributing to a local school or an area library," he said.
Seabaugh travels the state to make presentations at civic organizations, schools and other groups. He informs them about Path2College and reminds families about the importance of financial planning.
Path2College also is conducting a Newborn Sweepstakes for babies born in 2013, a Summer Reading Program Sweepstakes in partnership with the Georgia Public Library Service and a coloring sweepstakes in September to celebrate College Savings Month.
Seabaugh said that families who might not be able to save the full amount of a college education still can set realistic goals to help meet the costs.
"We've seen the cost of education on the rise across the country for years," he said. "Many people are overwhelmed by the cost, but saving small amounts over time really does make a difference, and a Path2College savings plan can help them do that."
The Path2College 529 Plan allows families to contribute as little as $25 at a time to a child's account, and as a Georgia resident their contributions have a state tax advantage. Earnings in a Path2College 529 Plan are federal and state tax deferred, and withdrawals for qualified education expenses are free of federal and state taxes.
The Path2College 529 Plan launched in April 2002. As of the end of February, the plan had 108,154 accounts, Seabaugh said. The goal is to add at least 10,000 new accounts by the sweepstakes' Aug. 15 deadline.
ONLINE ONLYFor the link to read the official rules and to enter the 10,000 Reasons to Save Sweepstakes, click on this story at www.ledger-enquirer.com.