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ONAC Offers Publicly-Available Children's Savings Account Application for Native Families

11 Sep 2024 10:36 AM | Christy Finsel (Administrator)

ONAC is accepting CSA applications from American Indian, Alaska Native, and Native Hawaiian parents/guardians for their children ages birth to 22. To participate, there is a two-step process. Both steps must be completed:

1. Parents/guardians should first open a 529 College Savings Account. You can open it in the state you reside. If you prefer, you can open it in Oklahoma, regardless if you reside in the state or not. Here is the link for the Oklahoma 529 website: https://www.oklahoma529.comParents are issued a 529 account number once they open an account for their child.

2. Parents/guardians can then include that new 529 account number in the ONAC CSA application found here: https://www.surveymonkey.com/r/ONAC24ONAC will then write a check payable to the 529 College Savings Plan to provide a $100 account deposit for each account. ONAC will directly mail the check to the 529 College Savings Plan. It can take a few weeks for the funds to show as deposited in the account. The plan will inform you once the deposit has been made into your child's account. Please note that there is a tax penalty if the funds are withdrawn for non-education purposes. Once the account is opened by you and funded by ONAC, you can add additional funds to the account over the years. Again, if you do not reside in Oklahoma, you may still open a 529 account for your children through the Oklahoma 529 Plan. Your child can use these funds for approved post-secondary education purchases at schools throughout the United States. 

If you have questions when completing the ONAC CSA application, please contact Christy Finsel at cfinsel@oknativeassets.org.

Oklahoma Native Assets Coalition 
(405) 720-0770

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