FRANKFORT, Ky. — Black Friday is known for a frenzy of deals and discounts, but this Black Friday the Kentucky Education Savings Plan Trust is inviting families to invest in the gift of education.
KESPT, Kentucky’s 529 Education Savings Plan, is making a $25 matching contribution to any account opened online beginning on Black Friday through Cyber Monday (Nov. 23-26, 2018). Families may open an account by visiting kysaves.com/give.
“Opening a Kentucky 529 plan account takes just 15 minutes and $25 to get started, so we’re offering an extra incentive to encourage families to take the first step,” said David Lawhorn, KESPT program manager. “While 529 plans have traditionally been used for college tuition, parents may have more reasons to save this year. A new law that went into effect in July allows families to withdraw up to $10,000 per year from their KESPT account to pay for tuition at elementary or secondary public, private or religious schools.”
The new KESPT account must be opened online to receive the $25 matching contribution, which will be automatically deposited into eligible accounts on or before Jan. 31, 2019. Families are asked call (877) 598-7878 if they need assistance.
KESPT offers six investment portfolios including an age-based, balanced and guaranteed option. For families who already own an account, KESPT offers a convenient eGift feature at kysaves.com that allows family and friends to make contributions for the holidays and download gift certificates.
Account funds may be withdrawn tax-free and used to cover expenses like tuition, fees, books, computers and certain housing expenses at any accredited college, university or technical school in the U.S. and some abroad. Black Friday weekend match details and official rules are available at kysaves.com/give.
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