Scholarship College Savings Account Giveaway
Frequently Asked Questions
The UA College Savings Plan is giving away one $25,000 Scholarship Account. The Account can be used to pay for qualified higher education expenses at any eligible school in the country.
Anyone who makes a contribution to the UA College Savings Plan through the 2018 Permanent Fund Dividend application process will be automatically entered. We will make one entry for each contribution made through the PFD application process. If you have family members who contribute through the PFD process, they will also be entered. Employees of the University of Alaska providing direct support to the Education Trust of Alaska, employees of T. Rowe Price Associates, Inc. ("T. Rowe Price"), its affiliates, and advertising and promotional agencies and their immediate family members and members of their households, and all prior winners of the $25,000 or $2,500 Scholarship Account Giveaways, are NOT ELIGIBLE to participate.
Anyone who contributes half of their 2018 PFD before August 31, 2018 will be entered into the contest. If you do not elect to contribute half of your PFD on the 2018 PFD Application, you can change your election online by logging into myPFDinfo or fill out and submit the UA College Savings Plan Add form before August 31, 2018, to update your PFD application.
If you do not make the election on your 2018 PFD Application, please contact the Department of Revenue and change your election online by logging into myPFDinfo or fill out and submit the UA College Savings Plan Add form before August 31, 2018, to update your PFD application. Visit www.pfd.state.ak.us/Forms/index to obtain the form, log into myPFDinfo, or call the PFD office for more information.
You can call the PFD office at (907) 269-0370 (Anchorage), (907) 451-2820 (Fairbanks) or (907) 465-2326 (Juneau) to review your application. You can also check your application online at www.pfd.state.ak.us.
The drawing will take place on October 31, 2018. The winner will be contacted in person or by phone and/or mail.
We will announce the winner to the public after they have been notified and their eligibility confirmed.
Yes, as long as you contribute to the UA College Savings Plan through the 2018 Permanent Fund Dividend process.
No, only those who contribute to the Plan through the 2018 PFD application process will be entered.
The Scholarship Account will expire 10 years from the award date or 10 years following the Beneficiary's 18th birthday, whichever occurs later.
We will invest the funds in the UA College Savings Plan ACT Portfolio and they will be subject to any market gains or losses.
No, the Scholarship Account must be invested in the ACT Portfolio.
It depends on where you attend college and tuition expenses at the time of enrollment. However, if you enroll at UA , this investment in the ACT Portfolio will lock in approximately 106.84 UA tuition credits, which may be enough for a bachelor's degree.
No. However, if the Beneficiary uses the Scholarship Account to pay for tuition at the University of Alaska, the Account will be covered by the Tuition-Value Guarantee. As such, the Account will be guaranteed to keep pace with tuition inflation at the University of Alaska.
The Education Trust of Alaska will be the Account Holder and must authorize any distributions.
If you are 18 years old or older, you can name yourself as the Beneficiary on the Account or you can allocate the funds to one or more other beneficiaries of your choice.
If a minor wins, he or she will be the Beneficiary on the Account. The PFD sponsor must complete the winner's Certificate of Consent and provide additional information on the minor's behalf to establish the Account.
If the Beneficiary doesn't attend college the Account will eventually expire. The Account may not be transferred once the Account is established with the initial Beneficiary(s).
If you win one of the Scholarship Accounts, we encourage you to consult your tax advisor to determine tax implications, if any.
You can use the Scholarship Account at qualified schools across the country.
The Education Trust of Alaska is funding the Scholarship Account and all related promotion.