SACRAMENTO, Calif.--(BUSINESS WIRE)--Looking for a gift that goes beyond the holidays? ScholarShare 529, California’s official college savings plan, is offering a special incentive to encourage families to get started on their college savings journey. From December 4 through December 13, 2024, individuals who open a new ScholarShare 529 account with an initial deposit of $50 and set up recurring contributions of $50 or more for six consecutive months will receive a $50 Target GiftCard.*
ScholarShare 529 is a tax-advantaged way to save for higher education. Withdrawals are free from state and federal taxes for qualified higher education expenses, such as tuition and fees, computer equipment, books, or room and board costs. ScholarShare 529 also provides 100% tax-deferred growth, which can mean more money for college.
“Opening a ScholarShare 529 account makes a thoughtful and convenient gift for the holidays,” said Cassandra DiBenedetto, Executive Director of the ScholarShare Investment Board. "Now is the perfect time to invest in your child’s dreams while taking advantage of an extra holiday bonus."
ScholarShare 529 accounts can be opened with any dollar amount within 15 minutes, but to take advantage of this limited time offer and receive a $50 Target GiftCard, participants will need to make an initial deposit of $50 and schedule recurring contributions of $50 or more for six consecutive months. ScholarShare 529 also makes it convenient for friends and family to contribute to a loved one’s account year-round with Ugift®. The online Ugift platform is free, convenient, and secure for friends and family to give the perfect holiday gift and continue giving any amount, at any time.
Register for a free online webinar to learn more at scholarshare529.com/offer24 or call 800-544-5248.
*Eligible individuals must (a) open a new ScholarShare 529 account (for a new beneficiary) online at www.ScholarShare529.com between 12:01 AM Pacific Time (PT) on December 4, 2024, and 8:59 PM PT on December 13, 2024, with an initial deposit of at least $50. The deposit must be contributed and invested at the time the new ScholarShare 529 account is opened, and (b) establish recurring contributions for the new ScholarShare 529 account of at least $50 per month at the time the new ScholarShare 529 account is opened and shall be maintained at minimum through 8:59 PM PT on May 31, 2025, to receive a $50.00 Target Gift Card. The Target gift card will be mailed to the account owner on or before 8:59 PM PT on June 30, 2025. Limit: one (1) Target Gift Card per new ScholarShare 529 unique account owner/beneficiary combination. Void where prohibited or restricted by law.
Ugift is a registered service mark of Ascensus Broker Dealer Services, LLC.
About ScholarShare 529
ScholarShare 529 serves as California’s official college savings plan. Administered by the ScholarShare Investment Board, ScholarShare 529 provides families with a valuable tool that offers a diverse set of investment options, tax-deferred growth, and withdrawals free from state and federal taxes when used for qualified higher education expenses, such as tuition and fees, books, certain room and board costs, computer equipment, and other required supplies. ScholarShare 529 manages more than $16 billion in plan assets across more than 447,000 ScholarShare 529 accounts as of 10/31/2024. To open a ScholarShare 529 account or get more information about the plan, visit www.ScholarShare529.com. For information about the ScholarShare Investment Board, visit www.treasurer.ca.gov/scholarshare, like ScholarShare 529 on Facebook at www.facebook.com/scholarshare529, and follow them on X at @ScholarShare529. For more information about ScholarShare 529, visit www.ScholarShare529.com.
To learn more about California's ScholarShare 529, its investment objectives, risks, charges and expenses see the Plan Description at ScholarShare529.com. 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, is the distributor and underwriter for ScholarShare 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. If the funds aren't used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Non-qualified withdrawals may also be subject to an additional 2.5% California tax on earnings.
