An official website of the State of North Dakota
Bank of North Dakota’s (BND) College SAVE Plan announced a new match program that encourages families with children entering kindergarten to save for college. The Kindergarten Kickoff Match will deposit $100 into a new or existing College SAVE account as an incentive to set aside a portion of the family’s daycare budget and start saving for education beyond high school at an early age.
The Bank has partnered with the North Dakota Department of Public Instruction to notify kindergarten families of the program.
“This is an excellent opportunity for families who experience reduced daycare expenses as their children enter kindergarten,” stated BND President Eric Hardmeyer. “Investing in a College SAVE 529 Plan when a child is young can significantly decrease the amount of student loans required later.”
College SAVE is the state-sponsored 529 plan administered by BND. An account grows state and federal tax deferred and can be opened with as little as $25. College SAVE has two other match options available for North Dakota residents. The New Baby Match doubles a $200 investment before a newborn’s first birthday, and the BND Match offers up to $300 for those who meet generous income guidelines. Residents can deduct contributions annually from their North Dakota taxable income.
In addition to funding expenses related to postsecondary education, a College SAVE account may also be used for private and parochial school tuition in grades K-12, approved apprenticeship programs and to repay student loan debt.
Visit collegesave4u.com/kickoff for more information and to apply.
The only state-owned bank in the nation, Bank of North Dakota is overseen by the Industrial Commission, which consists of Governor Doug Burgum, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring.