“The Virginia College Savings Plan, and college savings plans around the nation, will be celebrating 529 Day on Friday, May 29, as a way to educate and encourage savings for higher education.

One way Virginia will be celebrating 529 Day is by awarding VEST accounts with opening balances of $529 to the babies born closest to 5:29 p.m. on that day at participating hospitals around the state. The winners must be born as close to – but not after – 5:29 p.m. May 29, 2009.

Among the participating hospitals statewide are HCA’s Lewis Gale Medical Center in Salem and Montgomery Regional Hospital in Blacksburg.

The Virginia Education Savings Trust (VEST) helps individuals and families from across the country plan and save for higher education through affordable, flexible and tax-advantaged college savings accounts. Savings are tax-free as long as funds are used for qualified college expenses, including: tuition, mandatory fees, room and board, textbooks, supplies, special needs services and computers. The plans are named after Section 529 of the Internal Revenue Code and are generally administered by states.

“We are excited to be working with Lewis Gale Medical Center and Montgomery Regional Hospital as we help new parents and families become more aware of how Virginia’s 529 programs can help them plan and pay for college,” said Mary G. Morris, Executive Director of the Virginia College Savings Plan.

The Plan is offering application fee waivers for anyone opening an account online with the Virginia College Savings Plan the week of 529 Day. Additional information on 529 Day events in Virginia may be found at Virginia529.com.

The Virginia College Savings Plan is the country’s largest 529 plan, with over 1.7 million accounts and almost $22 billion in assets under management as of April 30, 2009. It offers four unique savings options, including VEST, the Virginia Prepaid Education Program (VPEP), CollegeWealth, and CollegeAmerica.

For more information on Virginia’s savings options, please visit Virginia529.com.”

Submitted by Ruth Intress