Check 'yes' on PFD line 6 to enter UA College Savings Plan's $25,000 scholarship drawing

The University of Alaska College Savings Plan is, for the second year in a row, holding a $25,000 scholarship account drawing for those who check 'yes' on Line 6 of the Alaska Permanent Fund Dividend application over the next several months.

Line 6 is the line applicants use to show they want to deposit half of their PFD into an existing or new college savings plan account. In addition to the $25,000 grand prize, which will be deposited into an account for the winner, the UA College Savings Plan will choose four $2,500 scholarship account prizewinners. Parents should check 'yes' on both their own PFD application as well as their child's to increase chances of winning.

A 4-year-old boy from North Pole won the grand prize in 2010, which was announced during the Great Alaska Shootout tournament in Anchorage on Thanksgiving Day. Four other children ages 4-16 from Anchorage, Wasilla and Tanana each won $2,500 scholarships.

"If you already have a UA College Savings Plan, checking the box not only helps you save more, but also puts your name in the hat for a chance at a very generous investment in your child's future," said Linda English, director of the college savings plan. "If you don't have an account yet, the PFD line 6 check-off is a simple and effective way to get started. And if you win a scholarship, your son or daughter will be that much more ahead."

Plan beneficiaries can use the money to pay for expenses at any eligible college, university or vocational/technical school in the country. If the beneficiary uses it for tuition at UA, $25,000 is enough to pay for a four-year degree.

Anyone who contributes half of their 2010 PFD through the official application will be entered to win regardless of whether they previously opened or established a UA College Savings Plan account. The drawing will occur Nov. 1, 2011. The Education Trust of Alaska, the trust established to administer the college savings program, funds the scholarship giveaway.

You can apply for your PFD Jan. 1 through March 31, 2011. Applicants can apply online or visit a distribution center. More information is available on the PFD website.

For more information about the UA College Savings Plan and the $25,000 Scholarship Account Giveaway, go to the University of Alaska College Saving Plan website.

If you have questions, please contact Linda English at (907) 322-3687 or ljenglish@alaska.edu.