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NEWS from the Office of the New York State Comptroller
Contact: Press Office 518-474-4015


DiNapoli Announces $500 College Savings Sweepstakes

May 5, 2015

New York State Comptroller Thomas P. DiNapoli announced today a $500 sweepstakes to help a lucky New Yorker plan ahead for college. Winnings from the sweepstakes will be put in a new or existing 529 College Savings Program Direct Plan account. The New York 529 College Savings Program, an investment tool designed to help families save for college, is overseen by DiNapoli’s office in partnership with the Higher Education Services Corp.

“New Yorkers should take advantage of this opportunity to possibly win some money for college by entering the sweepstakes,” said DiNapoli. “Having an additional $500 to invest now can help make a big difference later on when college bills become due. It’s never too early to start planning ahead for a bright future.”

The sweepstakes is open to eligible New York state residents who are at least 18 years of age. All entries must be submitted by May 31, 2015. The winner will be notified by phone or U.S. mail on or about June 17, 2015. The sweepstakes is sponsored by the 529 College Savings Direct Plan.

There are more than 680,000 Direct Plan accounts in New York’s 529 College Savings Program. Since January, account holders have withdrawn almost $200 million to pay for college-related expenses. The plan offers three age-based investment options that become more conservative over time. In addition, there are 13 individual investment options that account owners can choose from to create and manage their own investment strategy.

While parents make up the largest share of account owners, anyone can open a 529 Direct Plan account for a child or an adult for as little as $25.

New York state taxpayers who are account owners can deduct up to $5,000 from New York state taxable income ($10,000 for a married couple filing jointly) on annual contributions made to their accounts.

Read about New York state’s 529 College Savings Program.