Stay Informed!

By Stephanie Halligan on 11/03/2011 @ 03:30 PM

Tags: Children's Savings Accounts, Innovation

Saving for college can be a daunting task; so much so that, sadly, many families forgo it altogether. Yet, recent reports show that children "with a savings account in their name are approximately six times more likely to attend college than those without an account."

And that got our friends at RAISE Texas thinking about how they could help make creating post-secondary education savings accounts easier. For the first time, starting this December 5, RAISE Texas will kick off their statewide 2011-2012 Save ‘n SMILE Family Video Contest. Winners will receive actual tuition startup dollars --- in their own names --- an innovative idea we here at CFED are pretty excited about!

For one grand prize winner, RAISE Texas will create a Texas Tuition Promise Fund award of $2,000 on behalf of the child. That means $2,000 to kickstart his or her Texas state 529 plan, which can be used towards prepayment of undergraduate resident tuition and required fees at any Texas public college or university. Just think... for some Texas state community colleges, that could be an entire year of tuition covered! Two runners-up will also receive Texas Tuition Promise Fund awards in the amount of $250.

"It's all about helping our fellow Texans to get started... by taking the intimidation of college savings out of the picture, families will learn that they can do it. And we can help," said RAISE Texas Executive Director, Woody Widrow.

Our partners at RAISE Texas are asking: What would winning $2,000 towards college savings mean to YOU?

If you’re a practitioner serving clients that could benefit from this opportunity, please feel free to pass this contest information along:

TO ENTER:

1. Create a video, three minutes or less, that shares what a RAISE Texas $2,000 college savings account deposit would mean to your family. What does your child want to be when he or she grows up and how can a college degree help achieve his or her dreams?

2. Upload your video to your YouTube account. Don’t have one? Creating an account is easy and free, online at www.youtube.com.

3. E-mail savensmile@raisetexas.org your video’s URL, your full name, address, phone number, e-mail address, and the age of your child who’d benefit from winning, by January 20, 2012. One submission per family, please.

4. Vote on your favorite videos starting January 30, 2012.

5. Winners will be announced February 20, 2012.

6. View the complete contest rules and eligibility requirements online at www.raisetexas.org/savensmilefamilyvideocontest. Submissions must meet eligibility requirements to qualify for contest entry.

Photo credits: Texans Care for Children & Any Baby Can

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