About Chelyen Davis:
Chelyen Davis is health reporter for The Free Lance-Star
Born with a college savings account
The Virginia College Savings Plan will be giving away a college savings account with a balance of $529 to a baby born Friday at Mary Washington Hospital. The winning baby will be the one born closest to, but not after, 5:29 p.m. on Friday, May 29.
The Fredericksburg hospital is one of at least seven hospitals cooperating with the promotion, said Mary Morris, executive director of the state agency. The campaign is called 529 Day, for the state college savings plan and the section of the Internal Revenue Service Code that allows tax-free savings for qualified college expenses.
Virginia has four college savings options under its 529 plan. Its plan is the nation’s largest, with over 1.7 million accounts and almost $22 billion in assets. The plans help families and individuals save for college expenses. The money can be used for tuition, fees, room and board, textbooks, supplies, special needs services and computers.
More details are available at the Virginia College Savings Plan’s Web site, which is HERE.