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Author Topic: Oregon College Savings Plan  (Read 1331 times)

FeelingRosie

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Oregon College Savings Plan
« on: August 13, 2018, 04:37:53 PM »
Do any of you have an Oregon College Savings Plan for your child or are familiar with them? Is there anything I should know before opening one for my baby?

I got a letter from the Oregon State Treasury saying that they would add $25 to my new account if I open on before her 1st birthday.
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Cgbg

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Re: Oregon College Savings Plan
« Reply #1 on: August 13, 2018, 04:57:05 PM »
I use one for each of my kids and contribute enough to get the state deduction.

They make it easy to coax family (grandparents/aunts/uncles) to contribute without hassle.

A coworker uses Utah’s plans.
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FeelingRosie

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Re: Oregon College Savings Plan
« Reply #2 on: August 13, 2018, 06:59:46 PM »
How much is the state deduction? I'm new to this whole parenting thing.
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Cgbg

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Re: Oregon College Savings Plan
« Reply #3 on: August 13, 2018, 07:39:49 PM »
$4750 for married filing jointly. That’s total, not per kid.

You can keep contributing even when they are in college and have all their costs covered and still take the deduction (ex: I’m not tapping the accounts for their undergrad, as merit either covers costs completely or nearly all.)
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FeelingRosie

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Re: Oregon College Savings Plan
« Reply #4 on: August 13, 2018, 09:51:56 PM »
Thank you! Do you know how the Oregon College Savings Plan differs from a regular 529 account?
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Cgbg

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Re: Oregon College Savings Plan
« Reply #5 on: August 14, 2018, 10:12:51 AM »
No idea- it’s just the one that Oregon runs. You’ll find that details are different for each state’s plan. There are comparison lists out there- motley food or savingsforcollege.
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