NC 529 Gives Away $5,529 to Celebrate 5/29 Day!
North Carolina families can use a little good news right now as the country fights to emerge from the current health and financial crisis. To give students and parents something to cheer about, North Carolina’s National College Savings Program (NC 529 Plan) is giving away $5,529!
The “Dream Big 5/29 Day Drawing to Win $5,529” event was created to celebrate National 529 College Savings Plan Day on 5/29 (May 29). One lucky winner will be randomly chosen to receive a $5,529 contribution to their NC 529 Account.
What is National 529 College Savings Plan Day?
529 plans get their name from Section 529 of the Internal Revenue Code. Each state is responsible for administering its own plan. In North Carolina, families can invest in their children’s education through the NC 529 Plan.
National 529 College Savings Plan Day is celebrated each year on May 29 to raise awareness about the benefits of saving for education with these tax-advantaged savings accounts. With the cost of college on the rise, there is no time like the present to start saving for the future.
Benefits of Saving With an NC 529 Plan
Earnings from NC 529 Plans grow tax-free if they are used for qualified education expenses. Those include K–12 tuition, college tuition, room and board, books, fees, technology, trade school, and more.
When parents start saving for college when their children are young, time can be another savings benefit. Like most savings accounts, the more money you save, and the more time you have for the money to grow, the bigger your return will be. Use our savings calculator to find out how to meet your family’s education savings goals.
How to Enter the ‘Dream Big 5/29 Day Drawing to Win $5,529!’
To qualify for the drawing, entrants may register their new or current NC 529 Account on the entry page and make at least one contribution to the account. The event runs through the entire month of May and is open to all current and new NC 529 Plan holders. There are several ways entrants can earn additional entries and increase their chances of winning:
- 1 entry – for each contribution made, including gifts from family or friends!
- 2 entries – for the first contribution to a new NC 529 Account.
- 2 entries – for setting up a new automatic contribution through a bank or employer payroll deduction.
- 2 entries – for increasing a current recurring contribution by at least $25.
The event ends on May 31 and a random drawing to select the winner will be held in early June. The winner will be immediately notified of the generous $5,529 contribution to boost their education savings goals. CFNC has additional resources to help families start saving for education today!