College SAVE Awards March Money Madness Scholarships

Bismarck – Nearly 1,400 North Dakota students, ages 13-19, participated in Bank of North Dakota’s March Money Madness, a financial literacy exercise, which qualified them for a drawing for one of two $1,529 College SAVE scholarships.

The 2021 recipients are Annika Tweten from Jamestown High School and Jocelyn Kulseth from Bowman High School.

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 three match options available for North Dakota residents. The New Baby Match doubles a $200 investment before a newborn’s first birthday; the Kindergarten Kickoff Match is $100 for 5-6 year-olds, 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.

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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.

For more information, contact Janel Schmitz, Communications Manager 701.328.5880.