Virginia newborns to get college savings accounts

Virginia newborns to get college savings accounts

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RICHMOND, Va. (AP) -- The Virginia529 plan is giving 22 newborns a jump on paying for college.

The state investment plan is handing out college savings accounts valued at $529 on Thursday, which is being celebrated nationally as 529 College Savings Day. The accounts will be given to one baby born closest to 5:29 p.m. Thursday at each of 22 participating hospitals statewide.

Virginia529 CEO Mary G. Morris says it's a fun way to remind parents and grandparents to start saving now.

Other incentives will be offered, too. People who open Virginia529 inVEST accounts with at least $100 through Thursday will receive a $50 match from Virginia529. One person also will be awarded a $2,500 contribution toward a new or existing Virginia529 account.

Virginia529: http://www.virginia529.com/

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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