Oh Baby, What A Prize!
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WHEELING -- One Wheeling baby is getting a very early head start on paying for her college education.
Penelope Scripture, just 11 months old, was selected as the first winner of the SMART529 20th Anniversary Scholarship Sweepstakes, securing $20,000 to get her started toward her college education.
Penelope's parents Lindsey and Dion Scripture, as well as her twin sister Rosemary, were greeted by West Virginia Treasurer Riley Moore to receive the scholarship at a small ceremony at Oglebay Park on Tuesday morning. Penelope is the first of three recipients who will be awarded monthly until the end of the year.
Lindsey Scripture said she was shocked to find out that her daughter had won the sweepstakes, which would be a huge help to the family.
"I entered both of them in the scholarship, and you can imagine how shocked I was to find out an 11-month-old had won a college scholarship," she said. "We're so grateful for the opportunity. ... We have twin daughters and a third on the way, so any little bit for college really goes a long way. We really can't say how thrilled we are for the opportunity."
The $20,000 will be deposited directly into Penelope's SMART529 college savings account, where it will accumulate compounding interest with capital gains taxes waived at the federal and state level, Moore said.
"The savings themselves, you get compounding interest year over year over year, this $20,000 could turn into tens of thousands of additional dollars without even putting any more money into it," he said.
"I love it," he continued. "I have a 5-month-old child, so I love seeing somebody being able to receive these funds at such a young age. ... It's really heartwarming to be able to start them off on the right foot for college."
SMART529 is a federal program managed through the state of West Virginia which allows families to save and invest funds for college over time.
West Virginia families have two more opportunities to enroll their children in the sweepstakes. The upcoming entry deadlines are Saturday, October 29, and Saturday, December 3 at 11:59 p.m. ET.
To be eligible, the child must be 14 years old or younger as of Aug. 10, 2022. Entries must be completed by a parent or legal guardian, and both guardian and child must be a West Virginia resident. Multiple children in a household can be entered to win, but only one entry may be submitted per child. Sweepstakes rules, information and registration forms are available at www.wvtreasury.com/20years.