TNStars Coloring Contest Gives Children a Chance to Win Money for College

Lots of crayon drawings end up decorating refrigerators or office walls. For one lucky Tennessee family, though, a crayon drawing could be the ticket to money to help cover college expenses.

In partnership with the Nashville Public Library, the TNStars College Savings Plan, a program of the Tennessee Treasury Department, is sponsoring the TNStars Coloring Contest. Between now and August 15, parents of children age 12 and under can pick up entry form bookmarks at Nashville Public Library locations throughout the city.

Parents provide some contact information on the bookmarks and there is space for their children to create a color drawing of what they would like to be when they graduate from college. Entries can be placed in boxes at the library locations.

After the August 15 deadline, a winning entry will be selected by a random drawing. The winning family will receive $529 to be deposited into a TNStars college savings account.

TNStars accounts provide a way to save for children’s college expenses with special tax advantages. The accounts offer different investment options, ranging from conservative to aggressive. Similar to 401(k) retirement accounts, income earned on money invested in the accounts is not taxed if it is used for qualified higher education expenses.

“This contest is a great way to get children – and their parents – thinking about saving for college,” State Treasurer David H. Lillard, Jr. said. “I encourage Tennesseans to set up accounts with TNStars while their children are young and make regular contributions toward those accounts. With interest earned on investments, even small weekly or monthly contributions to the accounts can add up over time. I want to thank the Nashville Public Library, which attracts thousands of children to its summer reading program, for providing us with places to distribute and receive entry forms.”

Participants in the contest are not required to open TNStars accounts, although the winner will need to open an account in order to accept the prize money. The entry forms provide information on the contest rules and prize details.

To learn more about TNStars, call toll-free to (855) 3TN-STAR or (615) 741-1502 in the Nashville area. You may also visit our web site, http://www.tnstars.com/, or e-mail us at tn.stars@tn.gov.