Beneficiaries

Anyone with a valid Social Security number or taxpayer identification number can be the beneficiary (including the account owner), which is why Oklahoma 529 is a plan for everyone . Learn more about who can open, benefit from and contribute to the Oklahoma 529 plan.

There's no cost associated with opening an Oklahoma 529 account or owning more than one account. You could open a different account for each child.

You might do this to align investment strategies with the time frame each child will begin using the funds. For example, an older child's account could be more conservatively invested to help protect your contributions as they near college, whereas a younger child's account might be invested to balance growth and income strategies during a longer time frame. You may also prefer to pay college expenses first out of your highest growth account to maximize federal tax benefits and to encourage gift contributions from friends and family.

Keep in mind: Oklahoma 529 allows you the flexibility to select multiple investment options within each account. This offers you more control to manage risk on your terms. For example, adding the Guaranteed Option can help ensure a portion of your college savings is principal-protected.

Multiple accounts can also aid in estate planning by ensuring that education funds are allocated appropriately to each beneficiary upon the death of the account owner. But if you'd like to stick to one account, you can change beneficiaries at any time and at no additional cost.

Yes. A beneficiary may have more than one Oklahoma 529 account. However, an account owner can have only one account for each beneficiary.

For example, a beneficiary may have an account owned by their parent and/or grandparent and/or aunt, etc. There is an overall maximum account balance limit of $450,000, which applies to all accounts opened for a beneficiary.

Yes. You can change the beneficiary of your account at any time or transfer a portion of your investment to a different eligible beneficiary. The new beneficiary must be an eligible member of the previous beneficiary's family .

For more information, read the form on how to change your beneficiary .