Before she even starts kindergarten, a Fayetteville child has already established a significant college savings plan and helped her future elementary school win $10,000.
Three-year-old Sophia Hinson was awarded $30,000 toward her Path2College 529 Plan account today in front of her future peers at Spring Hill Elementary School. Sophia was the winner of the plan’s What If…Sweepstakes, which launched in November 2014 to help raise awareness about Georgia’s Path2College 529 Plan and the importance of saving for college.
The What If…Sweepstakes is the Path2College 529 Plan’s largest sweepstakes to date, and the awards to Sophia and Spring Hill bring the plan’s total amount awarded to Georgia children and schools by the Path2College 529 Plan sweepstakes, since 2013, to more than $100,000.
Steve Nashatker, Sophia’s grandfather, entered Sophia and her 18-month-old brother Charlie for a chance to win after learning about the sweepstakes when making online contributions to their accounts.
“When we moved to Georgia to be close to our grandchildren, I did some research on the Path2College 529 Plan,” he said. “I was also pleased to see that TIAA-CREF Tuition Financing, Inc. managed the program. My wife is a retired high school principal and college professor – so we were familiar with the integrity of TIAA-CREF. If you live in Georgia, the tax benefits with this plan are great. In my opinion it is the best way to save for college.”
Sophia’s mother, Karen Hinson, said that the family is so thankful for this gift and amazed at Sophia’s good fortune.
“Receiving this money at age three is a huge advantage and will likely go a long way to help her cover the cost of tuition when the time comes,” said Hinson. “We sincerely appreciate this investment in Sophia’s future.
“No doubt there are many paths to success in life, but we believe spending the time, money and energy to earn a college degree is worthwhile and a wise investment that will help them develop the strong work ethic, curiosity and passion for learning necessary to feel fulfilled and to advance in whatever careers they choose. We hope this promotion continues to inspire more and more Georgia families to open 529 Plans.”
The sweepstakes also awards $10,000 to the winner’s school, or future school in this case. Spring Hill Elementary School principal Randy Hudson said that the school plans to use the money to enhance the school’s LeaderinMe Initiative and provide some playground improvements so that Sophia will be able to enjoy them when she starts school.
“It is very obvious how much Sophia’s family understands the importance of a great education. We are honored that Sophia will begin her educational journey here at Spring Hill and feel a responsibility to Sophia, and all of our students to give them a great start to their future,” said Hudson. “We are very appreciative of the generous prize.”
Nearly 10,000 families entered the What If…Sweepstakes, and Mitch Seabaugh, the executive director of Path2College, said that hopefully thousands of families are now thinking about financial planning for their children and grandchildren’s futures.
“Saving for college is something that families know they need to do, but too often it’s put off until later because it can be overwhelming to think about how to do it,” said Seabaugh. “That’s why we hold fun sweepstakes like this one to get people’s attention and hopefully educate them about the opportunity they have to save in the state’s 529 plan.”
The Path2College 529 Plan was established in 2002, and through April 30, 2015, almost 25,000 families have withdrawn more than $370 million from the Path2College 529 Plan to pay for education-related expenses. As of March 31, 2015, the plan has more than 125,000 beneficiaries with more than $1.8 billion invested.
Seabaugh said that this is the third year for the sweepstakes, but each year it has changed slightly to keep it fresh and interesting to families.
For more information about the Path2College 529 Plan, to open an account or to find information about the program’s latest sweepstakes, visit www.Path2College529.com.
