MORGANTOWN, W.Va. — State Treasurer Larry Pack came to Morgantown Friday to recognize the National SMART529 Sweepstakes winner.
Pack presented the check to Ellie Ryba at Fat Angelo’s Pizza, where she works for her parents. The money contributed to the SMART529 account earns tax-free interest that can be used for a degree at a traditional university, community college, technical college, or certification program, as well as graduate and doctoral programs.
“She gets $10,000 in her account,” Pack said on WAJR’s “Talk of the Town.” “She just finished her 9th grade year at University High School, and it was really great to make that presentation to her and her parents—she’s just three years away from college.”
Pack said Ellie was a little shocked and her parents very pleased with the award. According to Pack, Ellie plans to go to college, but her course of study is not firmly established.
“I think she’s a little bit stunned and maybe a little overwhelmed,” Pack said. “But her parents are really thankful because we know how much a college education costs and how important it is- I could really see the joy in her parents.”
The SMART529 program allows parents or guardians to save money for future education costs. The accounts come with many tax benefits and make the process of saving for an education a little more manageable.
“Start an account and contribute $25 to $50 each month, and in 15 to 20 years, all of a sudden there’s a lot of money in there, and it grows tax-free,” Pack said. “In the state of West Virginia, every time you put money in a 529 account, you get a state deduction as well.”
Pack estimated that more than half of the K-12 students in the state take advantage of the program, and he would like to see that number increase.
“We’ve got 40,000 accounts in West Virginia, but we have about 60,000 K-12 students, so we really want to grow the program,” Pack said.
Ryba was selected as the winner from more than 4,200 entries.