(WVEC) -- 17 Virginia newborn babies won 529 dollars for being born the closest to 5:29 p.m. on May 29.
Each newborn was awarded an Invest529 account from Virginia529. This initiative was part of 529 College Savings Day to raise awareness about the importance of saving for higher education.
Five babies won in Hampton Roads from Sentara hospitals in Norfolk, Suffolk, Virginia Beach and Williamsburg.
In total, ten boys and seven girls were given the accounts to build savings for their future careers and job training.
529 accounts are a way to avoid student debt. Earnings on these accounts are free from state and federal taxes when used for qualified higher education expenses.
Virginia taxpayers who utilize Virginia529's savings can have a state income-tax deduction of up to $4,000 per account per year.
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