Oregon is offering families a $100 contribution to encourage them to begin saving for their children's education, with state treasury officials and early learning leaders highlighting the program at a community event.
Families who open an account in Embark, Oregon's 529 education savings program, with a minimum $25 deposit before their child's first birthday receive the $100 bonus. Families expecting a baby can also receive the incentive if they open an account and switch the beneficiary to their child before the first birthday.
"The best time to start saving is as soon as you can," said State Treasurer Elizabeth Steiner. "With Baby Grad, every family of every baby in Oregon can benefit and get into the habit of saving toward a bright future."
All Oregonians who contribute to an Embark account are eligible for an annual refundable tax credit up to $380 for joint filers and $190 for single filers. Savings can be used for accredited community colleges, trade schools, universities, apprenticeship programs and other postsecondary education options.
Research shows that children are much more likely to start and complete education after high school if they have an education savings account in their name, according to the state.