Bulletin Staff Report

The Oregon College Savings Plan is offering free money to families trying to save for higher education.

The Oregon plan said it will award five prizes of $529, each in the form of an account, in recognition of national 529 College Savings Day on May 29.

Eligible entrants can fill out the online entry form at www.oregon​collegesavings.com until 5 p.m. on May 29. The drawing is open to families that don’t have accounts as well as existing account holders.

The Oregon College Savings plan launched in 2001 and has grown to $1.7 billion in assets. The plan offers a variety of low-cost investments. Accounts can be opened with as little as $25. Earnings are federal and state tax-free. Oregon taxpayers can also benefit from a state income-tax deduction against their annual contributions.

Withdrawals are tax-free when used for qualified higher education expenses.