Oklahoma 529 Celebrates 25 Years of Helping Oklahomans Save for Education

published February 11, 2025

Oklahoma City (February 11, 2025) — State Treasurer Todd Russ today announced the state’s official direct-sold college savings plan marks its 25^th anniversary this year. Since the plan’s launch in 2000, the Oklahoma 529 has served almost 100,000 students and their families, across all 77 counties, save for higher education.¹

“As we celebrate 25 years of Oklahoma 529, we honor the countless Oklahoma families who have chosen to invest in education and a brighter future,” Russ said. “Their commitment to saving today paves the way for opportunities tomorrow, reducing the burden of student loan debt and empowering students to focus on achieving their dreams. I hope this milestone reminds families on how Oklahoma 529 can have a collective impact of planning ahead while enabling students to focus on building skills and knowledge for a successful future—not just for individual success but for the future of our great state.”

It is no small achievement that Oklahoma 529 currently manages over $1.4 billion in assets and 72,000 accounts. Almost 30,000 account owners have withdrawn over $1.1 billion on behalf of almost 46,000 students to cover education expenses such as tuition, books, housing and fees at schools both in Oklahoma and throughout the United States.¹

The top six schools receiving qualified Oklahoma 529 withdrawals include the University of Oklahoma, Oklahoma State University, University of Central Oklahoma, University of Tulsa, Oklahoma Baptist University and Oklahoma City Community College. The top three out-of-state schools are University of Arkansas, Baylor University and Texas Christian University.¹

Established as the Oklahoma College Savings Plan, Russ said the Plan has expanded in recent years to make it more flexible for Oklahomans – adopting its current name in August 2023 to reflect the change. Funds can help pay for tuition and fees at Oklahoma CareerTech Centers and graduate and professional schools as well as for K-12 tuition up to $10,000 annually per student. Funds also can be used toward expenses associated with certified apprenticeship programs, concurrent enrollment and student loan repayment subject to a lifetime limit of $10,000 per individual.²

The milestone will also be commemorated with a Governor’s Proclamation designating April 2025 as “Oklahoma 529 Plan Awareness Month”.

Russ also reminded Oklahoma families they have until April 15, 2025, to open and contribute to an Oklahoma 529 account and qualify for a state tax deduction on their 2024 taxes. Individual taxpayers may deduct up to $10,000 in Oklahoma 529 contributions each year from their Oklahoma adjusted gross income, and taxpayers filing jointly may deduct up to $20,000. Investment earnings are 100% free from federal and state taxes when used for qualified education expenses.

“Over the past 25 years, we’ve seen the incredible impact Oklahoma 529 has had on families across our state. As we look to the future, our mission remains clear: to empower families to save for education, help children turn their dreams into reality, and invest in a stronger, brighter future for Oklahoma,” said Treasurer Russ.

For more information about Oklahoma 529 or to open an account, visit www.oklahoma529.com or call (877) 654-7284.

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About Oklahoma 529

• Received a distinguished "Bronze" rating by Morningstar for the fifth consecutive year.³
• One of the nation’s lowest cost 529 plans.⁴
• Highest "Best" Rating with "High Honors" for residents by SavingforCollege.com.⁵

To learn more about Oklahoma 529, its investment objectives, risks, charges and expenses, please see the Plan Description at oklahoma529.com before investing. Read it carefully. Prior to investing, check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Consult your legal or tax professional for tax advice. If the funds are not used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and income taxes) may apply. TIAA-CREF Tuition Financing, Inc., Program Manager. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Oklahoma 529.

Footnotes

1. ¹Based on statistics provided as of 12/31/24.↩
2. ²Withdrawals for tuition expenses at a public, private or religious elementary, middle or high school, registered apprenticeship programs and student loans can be withdrawn free from federal and Oklahoma income tax. If you are not an Oklahoma taxpayer, these withdrawals may include recapture of tax deduction, state income tax as well as penalties. You should talk to a qualified professional about how tax provisions affect your circumstances.↩
3. ³In an annual review (10/29/2024) of the largest 529 college savings plans (59 plans representing more than 90% of 529 assets), Morningstar identified 32 plans that stand out above the rest, assigning those plans Gold, Silver, and Bronze Morningstar Analyst Ratings for 2024. These plans offer a well-researched asset-allocation approach, a robust process for selecting and monitoring underlying investments, a well-resourced and experienced investment team, stable and engaged oversight from the state and low fees. Investors in what Morningstar analysts consider the best 529 plans should be well-positioned for the future. The four key pillars used by Morningstar to evaluate 529 college savings plans include – Process, People, Parent, and Price. For more information about Morningstar’s overview of the Oklahoma 529, go to Morningstar.com. TIAA-CREF Tuition Financing, Inc. compensates Morningstar for the ability to quote these ratings in public communications. Past performance does not predict future results. Source: Morningstar.com. A Morningstar Analyst Rating for a 529 college savings plan is not a credit or risk rating. Analyst ratings are subjective in nature and should not be used as the sole basis for investment decisions.↩
4. ⁴ISS Marketing Intelligence 529 College Savings Fee Analysis Q4 2024. Oklahoma 529’s average annual asset-based fees are 0.21% for all portfolios compared to 0.51% for all 529 plans.↩
5. ⁵Saving For College rates each state-sponsored 529 savings program annually by analyzing numerous factors for each plan. The 529 Rating represents an opinion of the overall attractiveness of a 529 plan to a potential saver. A “Resident Benefits” Rating is compiled, separate from the plan’s 5-Cap score, using a separate three-tier metric to help consumers easily evaluate the attractiveness of their state plan based on state tax deductions and credits and other state-specific incentives for resident account owners. Savingforcollege.com/529-plan-ratings↩

Media Contact:

Shaundra North | Koch Comm | snorth@kochcomm.com | (405) 219-7712

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