By State Treasurer Todd Russ
Oklahoma parents strive to provide better lives for their children in a multitude of ways. One key way to fuel a child’s passion and support their future goals is through educational opportunities beyond high school. Obtaining a higher education degree is transformational.
Graduates of higher education experience higher long-term earnings, more stable employment and increased skills to meet today’s job market demands. According to the 2023 College Board report, Education Pays 2023: The Benefits of Higher Education for Individuals and Society, median earnings nationally for full-time, year-round workers age 25 and older with a bachelor’s degree was $73,300, which is 65% higher than individuals in the same age group with a high school diploma.1 Additionally, unemployment rates among 25- to 34-year-olds with at least a bachelor’s degree was 3.3%, compared with 8.3% for high school graduates in the same age group.
The State of Oklahoma has worked hard to keep college affordable with in-state choices at Oklahoma’s public universities and private colleges, along with 1- to 2-year degree and certificate programs at community colleges and CareerTech Centers. Funds in Oklahoma 529 accounts may be used for any of these options. In Oklahoma, the 2024 average annual undergraduate tuition and fees is $6,397 for state residents, which is roughly 9% lower than the national average.2
September is designated nationally as College Savings Month. For Oklahomans, it serves as a reminder to consider the advantages of Oklahoma 529 – our state’s official 529 education savings plan. In addition to tuition, Oklahoma 529 funds can be used for housing and food, fees, books, computers/tablets as well as equipment and supplies at eligible educational institutions in-state and nationwide. Oklahoma taxpayers also can reduce their state taxable income by up to $20,000 if married filing jointly ($10,000 filing single) from contributions made into an Oklahoma 529. This month, I encourage you to take time to learn about Oklahoma 529 and its benefits. Visit us at Oklahoma529.com.
