This summer, ScholarShare, a college savings plan offered by the state of California, partnered with public libraries in the state to promote an annual reading program wherein students up through eighth grade had the opportunity to receive money to save toward college.
Gabrielle Lopez, a second grader from Woodland Hills who participated in Platt Branch Library's program, is one of the winners. Her parents will receive $529 to invest in a ScholarShare account for Gabrielle's college education.
ScholarShare is California's 529 college savings plan, named under the IRS code under which they were created. According to the Securities and Exchange Commission's Website, "A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs. 529 plans, legally known as 'qualified tuition plans,' are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code."
ScholarShare will also give $529 to Platt Library to invest toward reading programs.
During the summer program, students' parents submitted entry forms on behalf of their children after the children completed a book. Winners were selected at random from the more than 3,600 entries. If the winning entry form was submitted at a local public library, the library also will receive a check for $529.
To learn more about the savings program, visit the ScholarShare website.