“As parents, we see the cost of attending college continue to rise, making it more difficult for families to help their children’s dreams of a college education come true,” Marshall said. “That’s why we created this special matching grant for Nevada families.”
The Silver State Matching Grant Program is dedicated to helping families with
household incomes of less than $61,950 to reach their higher education savings goals. Qualifying Nevada families who have opened a SSgA Upromise 529 Plan account can receive a matching grant of up to $300 this year in college savings.
“Research shows that when parents save for college it increases the likelihood of their children pursuing a higher education,” Marshall added. “Helping Nevada families save for college is one of my top priorities as State Treasurer.”
Qualifications for the Silver State Matching Grant Program include:
• Both the account owner and the beneficiary must be Nevada residents.
• The beneficiary must be 13 years or younger when the first matching grant is approved.
• The applicant must have a SSgA 529 Plan account.
• The applicant’s household adjusted gross income (AGI) in the previous year must have been $61,950 or less.
• The maximum annual grant is $300 and there is a lifetime maximum grant of $1,500.
Benefits of saving for college in a SSgA Upromise 529 Plan include:
• There is no annual fee for Nevada residents.
• Parents can choose to contribute as little as $15 per paycheck by enrolling in an Automatic Payroll Deduction program through their employer.
• You can also choose to automate your savings plan by establishing a direct deposit through your bank account.
• Earnings grow federal tax deferred; qualified withdrawals are exempt from federal taxes. **
*Matching grants are subject to availability of funds. There is no guarantee of the continued.
operation of the Silver State Matching Grant Program.
**Earnings on non-qualified withdrawals are subject to federal income tax and may be subject to a 10% federal tax penalty. The availability of tax and other benefits may be contingent on meeting other requirements.
For more information about these programs, go to NevadaTreasurer.gov and
review the menu under College Savings Plans, or call 702-486-2025; toll free at 888-477-2667.