Alaska 529 launches two education incentive programs

WASILLA — The state’s education savings plan, Alaska 529, recently launched Dash to Save and Dash to Save More to increase the percentage of children saving for education in Alaska and boost postsecondary enrollment.

According to a recent press release, these education incentive programs are aimed at reducing the burden of paying for higher education for Alaska students with a $250 payment to the first 5,000 new, qualifying Alaska 529 accounts opened in 2022 with a minimum investment of only $25 during the calendar year and an additional $50 contribution to new and existing accounts for automatic monthly contributions or payroll direct deposits that are at least $25.

“Data shows even relatively small, modest investments in a young person’s education savings can increase their chances of pursuing higher education and graduating,” Alaska 529 Executive Director, Lael Oldmixon stated in the press release. “We are providing the best, most robust incentives we can to help families save for whatever schooling their young Alaskan might want. That could be college, trade school, vocational training, apprenticeship, or whatever students of all ages want to pursue. We are here to make their career paths affordable and attainable.”

Alaska 529 was formerly named the UA College Savings Plan. It’s one of three main plans under the Education Trust of Alaska, joined by the T. Rowe Price College Savings Plan and John Hancock Freedom 529 education savings plan.

According to the press release, Alaska 529 has provided opportunities for Alaskans to save for education and study anywhere for the last 20 years, offering tax-advantaged accounts with unique benefits such as the ability for residents to invest through the Permanent Fund Dividend and the University of Alaska Portfolio.

“It is important to remove barriers, real and perceived, to saving for advanced education,” Education Trust of Alaska Administrator Tamera Weaver stated in the press release. “Alaska 529 takes the lead in this space because every Alaskan, whether they live in Ketchikan, Anchorage, or Utqiagvik, deserves the same opportunity to save for post-secondary education. The Dash to Save incentive program takes an inclusive approach that makes it easier for Alaskans from all backgrounds to take that critical first step and I’m delighted the Education Trust of Alaska is in a position to fund an incentive program of this magnitude.”

For more information, visit alaska529plan.com/dashtosave.

Contact Mat-Su Valley Frontiersman reporter Jacob Mann at jacob.mann@frontiersman.com