How Oklahoma families can save on rising college tuition costs

As high school seniors celebrate graduation, many Oklahoma families are now turning their attention to the rising costs of college tuition.

According to the College Board, the average cost of tuition and fees at a four-year private university is more than $43,000 per year. For public universities, in-state students pay about $11,000 annually, while out-of-state tuition can reach $30,000.

Financial experts say one of the most effective ways to prepare for those expenses is by using a 529 savings plan — and Oklahoma offers its own version.

“You put the money in, it grows without any taxes, and if you take the money out later and pay for a qualified education expense, no tax on all the accumulation,” said CBS News Business Analyst Jill Schlesinger.

Contributions of up to $10,000 per year, per beneficiary, can be made to a 529 plan before triggering the federal gift tax.

For more information, visit Oklahoma529.com.