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The Oklahoma 529 College Savings Plan is a smart, tax-advantaged way to help save for a child's - or anyone's - higher education costs. The program offers great tax advantages including an Oklahoma tax deduction, a choice of investment options, and the flexibility to use your savings at thousands of higher education institutions in the United States and abroad.

An account can be opened with a minimum initial contribution of $100 per Investment Option. The minimum subsequent contribution to an Account is $25 per Investment Option. However, if your employer allows payroll deduction, the minimum initial contribution is $100 per Investment Option and the minimum subsequent contribution to an Account may be as low as $15 per Investment Option per pay period.

The amount you contribute can be deducted from your Oklahoma taxable income up to a maximum of $10,000 per year ($20,000 for couples filing jointly). Any amount of a contribution made after 2004 that is not deducted by the taxpayer may be carried forward as a deduction from income for the succeeding five (5) years, subject to the annual maximum deduction on contributions.

The Oklahoma College Savings Plan offers three investment choices: a core Managed Allocation Option, a Guaranteed Option and a 100% Equity Option. These choices vary in their investment strategy and degree of risk, allowing you to select the option or options that best fit your needs and investment philosophy.

For more information, call toll free 1.877.OK 4 SAVING (1.877.654.7284) or visit www.ok4saving.org.

In 1997, the HOPE Scholarship and the Lifetime Learning Credit were established to make higher education more accessible.

The HOPE Scholarship allows taxpayers to claim tax credits of up to $1,500 per year for tuition and fees for the first two years of college. While, the Lifetime Learning Credit is available for all years of postsecondary education and for courses to acquire or improve job skills. Families may claim a tax credit of up to $2,000 per tax year for the taxpayer, taxpayer's spouse, or any eligible dependents for an unlimited number of tax years.

Access the forms at http://www.irs.gov/plain/forms_pubs/forms.html.

View the "Parent and Student Guide to Federal Tax Benefits for Tuition and Fees" at http://www.nasfaa.org/annualpubs/TaxBenefitsGuideIntroPS.html.