OKLAHOMA

Oklahoma College Savings Plan

Type: Savings

Phone: 877-654-7284

State tax deduction for residents: $2,500 per account

Open to nonresidents: Yes

Refund provisions: Penalty of 10% of earnings

Minimum/maximum contributions: $25 ($15 through payroll deduction) / $235,000

Other: One-year waiting period for withdrawals

TIAA-CREF manages Oklahoma's savings plan, which offers three investment options: a 100% equity option, a guaranteed option with a minimum rate of 3%, and an age-based (or managed allocation) that invests 72% in stocks for newborns to 3-year-olds and reaches a 50/50 split between stocks and bonds by a child's eighth birthday. There's a one-year waiting period before you can use the money for college expenses without penalty. Expenses are low at 0.66% to 0.68% per year, and the plan can be used for graduate school.

State College Savings Plans