ScholarShare 529 to Offer Families College Savings Stimulus for 529 Day

California families looking for the right time to open a college savings account for loved ones will get a special financial boost if they do so between May 24 and May 31. ScholarShare 529, California's official college savings plan, is commemorating 529 Day (May 29) by offering a $50 bonus for families who open a new account with $50 or more, and set up recurring contributions of $25 or more for six months.

"I encourage every family to take advantage of the ScholarShare 529 Day offer," said Julio Martinez, Executive Director of the ScholarShare Investment Board. "This extra $50 boost can be a tremendous help when opening a savings account, especially if you have multiple children. Once you open an account, it's important to know that you're not limited in who can contribute funds. Whether family or friends, anyone can contribute with any amount, at any time."

Those who sign up within the required timeframe will join the influx of other California families that committed to saving for college over the last year, despite the onslaught of the COVID-19 pandemic. The simple application process, low upfront investment options and various plan benefits, including 100 percent tax-free growth, make ScholarShare 529 plans an appealing choice for families to begin their path for an attainable college education.

ScholarShare 529 savings can be used at accredited institutions for approved higher education expenses, in-state or around the world. The funds can pay for tuition, fees, computers, textbooks, room and board on campus or rent off-campus. If a student decides not to attend college, the account may be switched to another eligible beneficiary, at no cost.

About ScholarShare 529

ScholarShare 529 serves as California's official college savings plan. Administered by the ScholarShare Investment Board, ScholarShare 529 provides families with a valuable tool that offers a diverse set of investment options, tax-deferred growth, and withdrawals free from state and federal taxes when used for qualified higher education expenses, such as tuition and fees, books, certain room and board costs, computer equipment, and other required supplies. ScholarShare 529 manages $12.2 billion in plan assets across more than 359,000 accounts as of 4/30/2021.

To open a ScholarShare 529 account or get more information about the plan, visit https://www.scholarshare-espanol.com/. Spanish speaking representatives are available to help with the enrollment process. Call: 1-800-544-5248, M-F. -- 8:00 AM - 7:00 PM PT

For information about the ScholarShare Investment Board, visit www.treasurer.ca.gov/scholarshare, like ScholarShare 529 on Facebook at https://www.facebook.com/ScholarShare529.Espanol, subscribe to the YouTube channel at https://www.youtube.com/channel/UCtlSHU65BSCSpYCAmSVXl4Q and follow them on Twitter at @ScholarShare529.