The prospect of putting away money for college can be overwhelming, but a new strategy is exceeding everyone’s wildest dreams. The Bottle-Based College Savings Account is one of the most successful college savings systems ever, having accumulated over $1 million in just three years.
Treasury officials claim that this program has changed the game for families who want to save money for their children’s college tuition. Let’s look at this novel approach to investing in higher education and how it has helped families fulfill their children’s goals of providing a college education.
Innovative College Savings Plan Breaks $1M Milestone
Oregon State Treasury officials have announced that after over three years, a bottle redemption-based fund has raised $1 million to help students pay for higher education. Kezi.com Confirms this news.
Officials from BottleDrop and the Oregon College Savings Plan announced their partnership in November of 2019, allowing customers to set up automatic financial transfers from their bottle and can redemptions to their OCSP accounts.
“We are excited to see the bottle and can redemptions continuing to turn into big returns for Oregon College Savings Plan participants,” said Oregon State Treasurer Tobias Read. “Saving a combined $1 million toward education and training after high school is a significant accomplishment with an important bonus conservation benefit. While this is still the beginning of our collaboration, it is gratifying to see Oregonians’ early enthusiasm for this creative savings opportunity with our partner, BottleDrop — Let’s keep saving!”
Oregon ABLE Savings Plan is an account created to help people with disabilities and their families save money. State treasury officials have suggested that those who redeem their cans and bottles may contribute to this account. Officials have stated that donors can receive a tax credit of up to $300 for their contributions.
The most recent information regarding everything that’s been going on at Oregon State:
- Oregon State Government Reverses Pandemic-Era Reimbursement Standards for Remote Work.
- Oregon Treasury Completes $1 Billion Bond Sale.
Oregonians take their empty beverage containers to one of the many BottleDrop redemption sites across the state, carrying them in special green bags. Officials have stated that customers with BottleDrop accounts with a minimum balance of $5 can make one-time transfers or establish recurring funds transfers to OCSP or Oregon ABLE accounts.
BottleDrop account holders can save for themselves or others, and they can gift their funds to anyone with an OCSP account, according to Treasury officials. Officials have stated that OCSP deposits grow tax-free and can be used to pay for eligible costs at any recognized institution of higher learning.
Mark the website focushillsboro.com in your bookmarks if you are interested in learning more about the state of Oregon.