May 29 is 529 College Savings Day, and some states are giving kids a chance to win money

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Celebrate 529 Day and save toward your child's future education expenses with a 529 college saving plan

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• States and financial institutions celebrate National 529 Day on May 29 to promote education savings plans. 
• You can participate in promotional webinars, giveaways, raffles, and more.
• 529 college savings plans are state-run, tax-advantaged accounts with compounding power. 

On May 29, many states and financial institutions hold promotional events to raise awareness of some of the best 529 plans for college savings.

A 529 plan is a state-run, tax-advantaged financial account designed to help people save on future education expenses like college and vocational school. It can help grow savings despite today's skyrocketing college tuition costs and is one of the most powerful education savings vehicles for US families.

"529 Day is a great reminder for parents who want their kids to be in a better position to afford college," says Michael Green, CFP at Apollon Wealth Management. "529s provide a dedicated path to help families save toward a specific goal, as the savings in that account are specifically designed to pay for education."

Here's how to participate in your state's 529 Day celebration in 2024. 

What is 529 Day?

529 Day is a nationwide celebration of 529 savings plans. It features a series of promotional webinars, contests, raffles, and other events reminding families to prioritize college savings and other higher education expenses. 

Although you can technically open a 529 at any point in the year, participation in promotional events can be a viable way to boost your savings. 

Top 529 Day Events in 2024

Most states offer versions of 529 Day celebrations, but here are some of the most notable events you won't want to miss. 

CollegeWell $2,000 giveaway

CollegeWell, which offers a prepaid 529 tuition plan, is giving away a chance to win $2,000 into a Private College 529 Account through the $2K Parent Promise Giveaway. You must have an established Private College 529 Plan account and be over 18 to enter. The last day to register is June 10, 2024. 

FirstBank's $2,500 giveaway

FirstBank, Colorado's CollegeInvest 529 plan provider, is giving away a chance to win $2,500 toward college expenses for one Colorado resident and one Arizona resident. To participate, you must have a new or existing Smart Choice 529 account and deposit $1. The last day to register is May 31, 2024. 

Pennsylvania's $5,529 giveaway

The PA 529 College and Career Savings Program gives a chance to win money to participants who open a new or existing PA 529 GSP (Guaranteed Savings Plan) between May 1 and 31, 2024. Pennsylvania residents who contribute at least $10 are automatically eligible to win up to $5,529 in their account.

Maine's one-on-one consultation 

The Finance Authority of Maine hosts free in-person and virtual one-on-one appointments for anyone needing help with a NextGen 529 account. People who open an account on the same day will be eligible to earn a $25 grant to their account. 

Nevada's museum activity and raffle

The Las Vegas Discovery Children's Museum partnered with the Nevada Treasury to provide free admission for the first 100 kids who attend on May 29, 2024. NV Treasury staff will talk with families while kids enjoy 529 Day-themed activities, prizes, and stations. Kids can also enter a raffle to win $529 into a Future Path 529 account when they draw a picture of what they want to be when they grow up. 

Baby day giveaways

Alabama and South Carolina hold 529 Baby Day Giveaways for babies born in those states on May 29, 2024. The giveaway makes babies born between 5/29/2023 and 5/29/2024 eligible for a $529 deposit into their state's 529 plan. Alabama will give away 29 deposits of $529 to Alabama residents with babies born between 5/29/2023 and 5/29/2024.

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