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If you have already opened an Oklahoma College Savings Plan account, click the Saving in SEED OK (in PDF) instructions or read below. Click for step-by-step instructions to Get Started in the Oklahoma College Savings Plan with SEED OK (in PDF), including how to open your account. |
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Your child has a bright future. We can help you save for it. With a young child, the need to save for college may seem far off. But by starting to save today, paying for college may be easier to achieve. An Oklahoma College Savings Plan (OCSP) account and SEED for Oklahoma Kids (SEED OK) offer you a smart way to do this.
SEED OK has already started saving for your child's education with $1,000 deposited into an Oklahoma College Savings Plan accounts (SEED OK account). Your child will be able to use this money to attend college or university, community college, or vocational school. After you take the next step to prepare for your child's college education by opening your own OCSP account, don't stop there. Consider making additional contributions. Greater contributions now may mean you can actually invest less over the long term to meet your savings goal. Saving Money in Your Oklahoma College Savings Plan Account (Your Account) Once your OCSP Account (Your Account) is open, you can make deposits at any time, for as little as $25 per deposit. You, your relatives, and family and friends can make deposits into this account to celebrate birthdays, holiday, or any special occasion. Depositing a little money each year can make a big difference for your child! How can I save in My Account? You can make deposits by:
Are there future deposit requirements? Is there a minimum amount to contribute? There are no future contributions required, but we encourage you or family and friends to make additional deposits to Your Account. If you do add to your account, the minimum deposit is $25 per investment option. If your employer allows payroll deduction, the minimum subsequent contribution to an account may be as low as $15 per investment option, per pay period. How do I track My Account? You will receive a statement every three months that shows Your Account activity. You will also have online access to Your Account information 24 hours a day at www.ok4saving.org. How does the Savings Match work? The Savings Match is a SEED OK incentive for you to save for your child’s future. When you save money in Your Account, you may be eligible for a $1 to $1 or $0.50 to $1 match on your savings in 2011. This match will be placed in your child’s SEED OK Account held by the State. Do I qualify for the Savings Match? Your Savings Match eligibility is based on your federal adjusted gross income.* How much Savings Match you receive depends on the deposits you make into Your Account.
If your adjusted gross income is less than $29,000, the largest match you can receive each year is $250. For example, if you save $250 or more in Your Account in 2011, then you child's SEED OK Account will receive $250. If your adjusted gross income is $29,000 to $43,499, the largest match you can receive each year is $125. For example, if you save $250 or more in Your Account in 2011, then your child's SEED OK Account will receive $125. Gifts from you or from family and friends deposited into Your OCSP Account may be matched.
What is my federal adjusted gross income? Your federal adjusted gross income is an amount that you report to the Oklahoma Tax Commission when you file a State income tax return. The State will use your income from earlier tax returns because more current records will not be available when the Savings Match is calculated. For example:
I may not qualify for the Savings Match. Should I still save? Yes! When you save money in Your OCSP Account you can receive a state tax deduction and other tax benefits. You may qualify later and receive the Savings Match if your income or the SEED OK income ranges change. (See Savings Match Terms.) If I was not required to file an Oklahoma Tax Return, can I still qualify for the Match? Yes. If you did not file an Oklahoma Tax Return because your income was below the amount required for filing in a given year, you can qualify for the Savings Match if you received Food Stamps, Medicaid, or Temporary Assistance for Needy Families (TANF) benefits from the State in that same tax year. The Oklahoma Department of Human Services will check if you received these benefits. When will my savings be matched? When you deposit money in Your Account, your savings will be matched in the next quarter. For example, if you save money in Your Account in August 2011, the Savings Match will be deposited in your child's SEED OK Account between October and December 2011.
Parent Resources: Saving for college Planning for a college education shouldn't be keeping you up at night. We've put together a collection of college planning resources to help you rest easier, including materials that make it easier for friends and family to give the gift of education to your child.
The information on this page is meant to answer general questions you may have about saving in your Oklahoma College Savings Plan account and about the Savings Match. For complete details about the Oklahoma College Savings Plan, please read the Disclosure Booklet. For more details about the Savings Match, see the Savings Match Terms. If I have questions about saving in my Oklahoma College Savings Plan Account, who should I contact? For questions about... Saving in SEED OK, including the Savings Match, Oklahoma College Savings Plan,
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