WEST DES MOINES — Iowa Student Loan is giving parents a boost to their students’ college savings plans with a new $30,000 program running this fall.
The “Save Now, Save Later: College Savings Plan Parent Giveaway” offers parents a chance to enter to win one of 20 College Savings Iowa account deposits, each worth $1,500, and learn more about financial planning for college in the process.
“A $1,500 deposit can make a significant impact on a college student’s finances,” said Steve McCullough, president and CEO of Iowa Student Loan. “By saving for college now, parents can help students save later by possibly reducing future debt and giving them a better start for their life after graduation.”
Iowa Student Loan is working directly with College Savings Iowa on the giveaway. College Savings Iowa is the state’s direct-sold 529 program, administered by State Treasurer Michael Fitzgerald. Parents who are chosen as winners can have the deposit made to an existing account, or a new account can be set up upon winning the giveaway.
“A College Savings Iowa account is a great way for college-conscious parents to save for their children’s future college careers,” Fitzgerald said. “We thank Iowa Student Loan for partnering with us on this giveaway to support parents in their goals and help give their efforts an extra push.”
The program is open to Iowa residents who have a ninth- through 12th-grade student at an Iowa high school. No purchase is necessary, and parents need only complete a custom version of Student Loan Game PlanSM, an online educational tool offered by Iowa Student Loan, before registering for the giveaway. The information they learn, and Iowa Student Loan’s other tools and resources, can then be shared with their student.
“Iowa Student Loan believes in empowering students and families by providing them with the information they need to make sound college financing decisions,” said Christine Hensley, Iowa Student Loan board chair. “High school is a key time for college planning, which can be a big task, and financial decisions should not be lost in the decision-making process.”
Registration for the program is open now through Dec. 19. Winners will be selected in January 2015 and announced in February 2015.