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Over $1 million placed in Oklahoma 529 as part of seven-year study

(June 9, 2008) - More than 1,000 Oklahoma babies are receiving a $1,000 jumpstart on saving for college thanks to SEED for Oklahoma Kids (SEED OK), a seven-year study designed to determine the economic and educational impact of “seeding” a college savings account for children at birth.

SEED OK, announced this month by Governor Brad Henry and State Treasurer Scott Meacham, is a collaboration between the Oklahoma State Treasurer and the Center for Social Development (CSD) at the Brown School, Washington University's social work school.

In 2007, newborns from across the state were randomly selected to participate in this research study. Half of the newborns received $1,000 in a special SEED OK account in the Oklahoma College Savings Plan. Parents of these children may also have matching funds of up to $250/year deposited in each SEED account for contributions they make into their separate Oklahoma 529 accounts during 2008 through 2011. The match is either $1-for-$1 or $0.50-for-$1 depending on income level.

The purpose of SEED OK is to test the policy concept and impact of giving every child a CDA at birth, for postsecondary education. Through a competitive Request-for-Proposal process, CSD selected Oklahoma as the state partner for this initiative due to the diversity of its population, strong relationships between the State Treasurer’s Office and other state departments, and features of its 529 college savings plan.

For more information, click here.

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