Families may compete for college money

By Kandace McCoy

Mt. Vernon Register-News, Mt. Vernon, IL

Published Tuesday, May 27, 2008

SPRINGFIELD — Being a parent can be a difficult task, but saving for college shouldn’t be. In an effort to help families save for college, Illinois State Treasurer Alexi Giannoulias wants Illinois parents to submit home videos of their children for his first-ever Bright Start College Savings Program scholarship and commercial contest.

Families who enter the contest will compete for a $1,000 Bright Start investment account and the chance to have their home video air as a commercial on major television outlets statewide in December.

Launched in May, the contest invites parents to submit raw footage similar to that of the treasurer’s new Bright Start television advertising campaign currently running throughout the state during morning news broadcasts.

In one existing ad, a very young boy and girl are told by their mother that it's time to go to bed. The girl starts crying and the boy remains fixated on his dad, who is videotaping the breakdown. The spot ends with this message on the screen: “Bedtime is hard. College savings doesn’t have to be.”

The home video contest entries should depict similar challenging moments that parents raising children face on a daily basis and include a suggested slogan in this format: “[Fill in the blank] is hard. College savings doesn’t have to be.”

“Parenting can be hard, but saving for college has never been easier,” Giannoulias said. “With Bright Start, it takes just about 15 minutes to enroll online and set up direct deposit from your checking account. We’re trying to make saving for college the easiest thing you do as a parent.”

The State Treasurer’s Office recently partnered with Chicago advertising firm Two x Four to develop a new Bright Start advertising campaign, funded by program manager OFI Private Investments, Inc., a subsidiary of OppenheimerFunds, Inc.

Two x Four used raw home video footage for the television portion of the Bright Start advertising campaign in an effort to better identify with parents. The contest is an innovative way to get parents to put their thoughts about college savings into action, Giannoulias said.

“We’re looking for innovative ways to promote Bright Start,” said Katie Phillips, deputy director of communications with Giannoulias’ office.

She added that the treasurer’s office decided to open up the advertising campaign which began with Two x Four to Illinois residents and “make it a contest.”

“Just as a 401k is a smart and easy way to save to retirement, Bright Start is a smart and easy way to save for college,” Giannoulias said.

“This is an easy way to stock away money on a regular basis and make more than you would if you had it in a CD or savings account,” Phillips said.

Bright Start offers Illinois residents a tax-free way to save and earn money. Contributions are income tax deductible, and both earnings and qualified higher education withdrawals are tax free. According to Phillips, Morningstar Inc. recently ranked Bright Start among the top five 529 college savings plans nationwide.

More than 160,000 accounts have been open through Bright Start programs, Phillips added, with more than $2.6 billion invested by residents for college.

The Bright Start commercial contest runs through Sept. 30. Video entries must be 30 seconds to two minutes in duration and be saved in standard Windows Media Video (WMV) or QuickTime Format. The limit is one entry per person. A winner will be selected by the Treasurer’s Office and notified by mail, e-mail or telephone by Oct. 31.

To enter, you must be 18 years old, a resident of Illinois and eligible to be an account owner under the rules governing the Bright Start College Savings Program. Family members and employees of the Treasurer’s Office, OppenheimerFunds and Two x Four are not eligible to participate.

Submissions can be accepted by e-mail at www.brightstartsavings.com if you follow the contest link.