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April 16, 2020 - 9:08pm | By Chris Larson
Bank of North Dakota announced that its College SAVE 529 plan is sponsoring the EVERFI National Financial Bee, taking place April 20-30, 2020. The National Financial Bee is a first-of-its-kind nationwide financial literacy challenge for students in grades 7-12.
To participate in the National Financial Bee, students may complete five 15-minute modules before April 30. Upon completion of the modules, they can submit a 300- to 500-word essay highlighting what they learned. This qualifies students in grades 7-10 with an opportunity to win an EVERFI scholarship of $10,000, $6,000 or $4,000. North Dakota students in grades 7-12 receive the opportunity to be awarded one of two $529 scholarships from the College SAVE 529 plan. Students can visit bnd.nd.gov/financialbee to get started.
As families across the country are struggling to balance work, childcare and homeschooling driven by the COVID-19 pandemic, the National Financial Bee provides an opportunity for students to have some fun and learn critical financial concepts.
“We are committed to educating and engaging students in financial literacy to help prepare them financially. College SAVE sponsoring the EVERFI National Financial Bee encourages financial literacy in North Dakota and supports families in their efforts to save for postsecondary education costs,” said Eric Hardmeyer, president and CEO of Bank of North Dakota. “With families spending more time together, it’s a perfect time for families to start conversing about finances and the future.”
An additional benefit to North Dakota families includes a portal for students in K-12 and their parents to access financial literacy materials. The portal will help present materials in a fun and interactive way while teaching children about important financial topics. For information on accessing the portal, visit bnd.nd.gov.
“Across the country, families are facing unprecedented uncertainties and challenges. Parents are dealing with the loss of income or are adjusting to working from home, while students are trying to continue their studies outside of the classroom,” said Ray Martinez, founder and president, EVERFI. “We’ve always been committed to helping students increase their financial literacy, and during this historic time we are also working to help parents feel secure -- and help students stay engaged.”
College SAVE, North Dakota’s 529 plan, helps families save and pay for K-12 tuition and postsecondary education costs. A College SAVE account grows state and federal tax deferred and can be opened for as little as $25. College SAVE has two match options available for North Dakota residents. The New Baby Match doubles a $200 investment before a newborn’s first birthday, and the BND Match offers up to $300 for those who meet generous income guidelines. In addition, residents can deduct contributions annually from their North Dakota taxable income.
To learn more about the National Financial Bee, visit bnd.nd.gov/financialbee.
