College SAVE Reading Champion
It’s easy! It’s fun! And when young readers knock out their summer reading, they become College SAVE Summer Reading Champions, earn up to $25 and have a chance to win $529!
The North Dakota State Library and Bank of North Dakota have partnered with local libraries to offer the College SAVE Summer Reading Champion campaign. College SAVE is the state’s 529 plan administered by BND that helps families save for college. There are over 35 libraries participating this summer!
Here’s how it works:
- The reader will receive a College SAVE certificate when they meet the criteria for the local library’s summer reading program. The certificate can be turned in for either a $25 contribution to a new College SAVE account or $10 contribution to an existing account.
- The librarian will also submit the reader’s name for a chance to win one of 10 $529 contributions to a new or existing College SAVE account.
College SAVE can be an excellent way to save for a child’s future. Anyone can open an account with as little as $25 for a child of any age. The accounts grow state and federal tax free when used for qualified higher education expenses or K-12 tuition at public, private and religious schools. Contributions are also tax deductible from North Dakota state income.*
College SAVE match programs help families achieve more with college savings.
The New Baby Match program offers $200 to every newborn in North Dakota when an account is started by the child’s first birthday. To receive the match, you must contribute $200 within 12 months from the date you open the account. There are no income restrictions.
The Kindergarten Kickoff Match allows a $100 match for children ages 5 and 6 in North Dakota. To receive the match, $100 must be placed in the account within 12 months of applying for the match and before the child is 7 years old.
The BND Match program offers a $300 contribution. To qualify, you must have a College SAVE account and meet the income requirements which are $150,000 federally adjusted gross income or below for married couples and $100,000 for single filers. Four of five North Dakota residents qualify.
How can the funds be used?
Money in your College SAVE account may be used for qualified distributions at any school in state or out of state. Qualified expenses include room and board, books, fees, tuition and computer equipment. A recent development now allows for qualified expenses to include elementary and secondary tuition at public, private and religious schools K-12 as well as up to $10,000 lifetime toward a student loan. To learn more visit collegesave4u.com.
*Rollovers from another state’s 529 plan are not considered eligible for the state income tax deduction.
The BND Match, New Baby Match and Kindergarten Kickoff Match are subject to the availability of funds and can be reduced, modified or stopped at the discretion of Bank of North Dakota.
To learn about the College SAVE Plan, its investment objectives, risks and costs, carefully consider the Program Description available at www.collegesave4u.com before investing. Ascensus Broker Dealer Services, LLC is the distributor. If you are not a North Dakota taxpayer, consider before investing whether your or the Beneficiary’s home state offers a 529 Plan that provides its taxpayers with favorable state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that may only be available through investment in the home state’s 529 Plan.
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