Oregon Public Broadcasting

Officials in Oregon are using the prospect of free money to encourage more people to start saving for college.  People who sign up for the program will be entered to win one of four scholarships, each totaling $4000.

State Treasurer Randall Edwards says some people think they can’t afford a college education.

Randall Edwards:  “We’re trying to encourage new investors to say ‘Hey, it’s affordable!' You can use this plan, this is a great opportunity to help you, there’s tax advantages to doing that.”

Interest earned in Oregon’s college savings plan is tax-free.

Edwards says a new study shows that Oregonians save for college at a lower rate than the national average.  Still, more than 100,000 people have already signed up for the program.

Washington and Idaho offer similar college savings plans.

Oregon College Savings Plan

Idaho College Savings Program

Washington Prepaid College Tuition Program