Higher Ed Utah

Salt Lake City–In support of Governor Gary Herbert declaring September as College Savings Month in Utah, the Utah Educational Savings Plan (UESP) will give away six $1,000 UESP college savings certificates. The college savings certificates will be awarded to winners of UESP’s “Make Your Mark” art contest, open to Utah residents who are students in kindergarten through 12th grade during the month of September.

“College Savings Month is a great time to remind Utahns that obtaining a college education is one of the most important things our children can do to achieve success in life,” said Bill Sederburg, Commissioner of the Utah System of Higher Education. “Saving today for future college expenses improves a student’s chance for success tomorrow.”

Utah students have the opportunity to design a bookmark on the official UESP and Zions Bank entry form and submit it to UESP for entry into the contest. Final judging for the “Make Your Mark” art contest will be done by Governor Gary Herbert, Kathy Garff, State Board of Regents board member, and Maria Sweeten-Soliz, Utah Higher Education Assistance Authority board member. Entries will be accepted beginning Wednesday, September 1, 2010, through 5 p.m. MT, Thursday, September 30, 2010. Official contest rules and the bookmark template are available to download from UESP’s Web site (uesp.org/bookmark).

“A 529 college savings plan is a great way to start saving for higher education expenses,” said Lynne Ward, Executive Director of the Utah Educational Savings Plan. “Through our ‘Make Your Mark’ art contest, we hope that students will showcase their creative abilities and enter for an opportunity to jump-start their college savings.”

Other partners in the “Make Your Mark” art contest include Zions Bank and Ken Garff’s Road to Success program. The winning bookmarks will be printed and featured in UESP and Zions Bank marketing materials. The winners will be announced on October 15, 2010, and the names will be available on the UESP Web site (uesp.org/bookmark).

About the Utah Educational Savings Plan

UESP, Utah’s official 529 college savings plan, manages more than $3 billion in assets. UESP is consistently ranked among the nation’s top 529 plans by Morningstar and is highly recommended by Money magazine and financial expert Clark Howard. This high ranking can be attributed to UESP’s industry innovations, such as an FDIC-insured savings account, a customized allocation investment option and efforts to be the industry’s low-cost leader.

UESP requires no minimum deposits or balances to open an account, so families can save a little or a lot, according to their own schedules. With a user-friendly Web site, UESP makes it easy to open, manage and contribute to an account online at uesp.org. Earnings on UESP accounts grow tax deferred and are federal and Utah state tax free when used for qualified higher education expenses such as tuition, fees, certain room and board costs, and required books and supplies at any eligible educational institution that accepts federal financial aid, not just institutions in Utah. Utah taxpayers also receive a Utah state income tax credit for contributions to accounts each year.

For 2010, Utah taxpayers can claim a 5 percent tax credit on UESP contributions up to $1,710 per beneficiary for single filers ($3,420 per beneficiary for joint filers). To receive the credit, the beneficiary on the account must have been designated as such before age 19.

Established by the Utah State Legislature in 1996, UESP is a nonprofit administered and managed by the Utah State Board of Regents and the Utah Higher Education Assistance Authority. To learn more about the Utah Educational Savings Plan, call 800.418.2551 or visit uesp.org.

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Read the Program Description for more information and consider all risks, objectives and expenses before investing. Call 800.418.2551 for a copy of the Program Description or visit www.uesp.org.

Investments in UESP are not guaranteed by UESP, the Utah State Board of Regents, the Utah Higher Education Assistance Authority (UHEAA) or any other state or federal agency. However, Federal Deposit Insurance Corporation (FDIC) insurance is provided for the FDIC-insured savings account. Please read the Program Description to learn about UESP’s FDIC-insured savings account. Your investment could lose value.

Non-Utah taxpayers and residents: You should determine whether the state in which you or your beneficiary pay taxes or live offers a 529 plan that provides state tax or other benefits not otherwise available to you by investing in UESP. You should consider such state tax treatment and benefits, if any, before investing in UESP.