529 Plans: Prepaid Tuition Plans
This table provides information on 529 prepaid tuition plans that are currently accepting new enrollments. The first section covers state-sponsored plans; the second covers college-sponsored plans.
Note: Investors should consider the investment objectives, risks, charges, and expenses associated with 529 plans before investing. More information about 529 plans is available in each issuer's official statement, which should be read carefully before investing. Also, before investing, consider whether your state offers a 529 plan that provides residents with favorable state tax benefits.
| State-Sponsored Prepaid Tuition Plans | ||||
| State | Name of plan, manager, contact information | Residency restrictions | Contribution limit | State tax benefits |
| FL |
Florida Prepaid College Plan Florida Prepaid College Board myfloridaprepaid.com (800) 552-4723 | Beneficiary or parent/guardian must be a Florida resident for at least 12 months prior to enrollment | $45,367 for a four-year contract for newborn | Florida has no state income tax |
| IL |
College Illinois! 529 Prepaid Tuition Program Illinois Student Assistance Commission collegeillinois.com (877) 877-3724 | Account owner or beneficiary must be an Illinois resident for at least 12 months prior to enrollment | $108,876 for a nine-semester contract purchased in lump sum for 9th grader or older | Qualified withdrawals are tax free, and contributions to in-state plan are deductible, up to a cap |
| MD |
College Savings Plans of Maryland - Prepaid College Trust College Savings Plans of Maryland collegesavingsmd.org (888) 463-4723 | Account owner or beneficiary must be a Maryland or District of Columbia resident at time of enrollment | $48,295 for a five-year contract purchased in lump sum for 9th grader | Qualified withdrawals are tax free, and contributions to in-state plan are deductible, up to a cap, with an unlimited carryover of excess contributions |
| MA |
U.Plan Massachusetts Educational Financing Authority mefa.org (800) 449-6332 Note: This plan does not meet the requirements of Section 529 of the Internal Revenue Code | Open to all | Cost of tuition and fees for four years at the highest-cost participating institution | The U.Plan issues Massachusetts general obligation bonds that are exempt from federal and state income tax |
| MI |
Michigan Education Trust MET Board of Directors and Treasury Department met4kid.com (800) 638-4543 | Beneficiary must be a Michigan resident at time of enrollment | $59,280 for a four-year contract purchased in lump sum after 10th grade | Qualified withdrawals are tax free, and all contributions to in-state plan are deductible |
| MS |
Mississippi Prepaid Affordable College Tuition (MPACT) Program Mississippi Treasury Department treasury.state.ms.us (800) 987-4450 | Account owner or beneficiary must be a Mississippi resident at time of enrollment | $27,742 for a five-year contract purchased in lump sum for 12th grader | Qualified withdrawals are tax free, and all contributions to in-state plan are deductible |
| NV |
Nevada Prepaid Tuition Program State Treasurer nevadatreasurer.gov/PrepaidTuition (888) 477-2667 | Account owner or beneficiary must be a Nevada resident, or account owner must be an alumnus of a Nevada college at time of enrollment | $20,950 for a four-year contract purchased in lump sum for 9th grader | Nevada has no state income tax |
| PA |
Pennsylvania 529 Guaranteed Savings Plan State Treasury makecollegepossible.com (800) 440-4000 | Account owner or beneficiary must be a Pennsylvania resident at time of enrollment | $368,600 | Qualified withdrawals are tax free, and contributions to any state's 529 plan are deductible, up to a cap |
| TN |
Tennessee's BEST Prepaid College Tuition Plan State Treasurer treasury.tn.gov/best (888) 486-2378 | Account owner or beneficiary must be a Tennessee resident at time of enrollment | $235,000 | Tennessee has no state income tax |
| TX |
Texas Tuition Promise Fund Texas Prepaid Higher Education Tuition Board texastuitionpromisefund..com (800) 455-4723 | Beneficiary must be a Texas resident or have a parent who is a Texas resident and the account owner at time of enrollment | $62,040 for lump sum contract | Texas has no state income tax |
| VA |
Virginia Prepaid Education Program (VPEP) Virginia College Savings Plan virginia529.com (888) 567-0540 | Account owner, beneficiary, or parent of a nonresident beneficiary must be a Virginia resident or member of U.S. military who is stationed in Virginia at time of enrollment | $59,390 for a five-year contract purchased in lump sum for a newborn | Qualified withdrawals are tax free, and contributions to in-state plan are deductible, up to a cap, with an unlimited carryover of excess contributions |
| WA |
Guaranteed Education Tuition (GET) Washington State Higher Education Coordinating Board get.wa.gov (800) 955-2318 | Account owner or beneficiary must be a Washington resident at time of enrollment | $58,500 for 500 units | Washington has no state income tax |
| Private College-Sponsored Prepaid Tuition Plans | ||||
|
Private College 529 Plan Tuition Plan Consortium, LLC privatecollege529plan.org (888) 718-7878 | Open to all | Cost of five years full-time undergraduate tuition and mandatory fees at highest-cost participating institution | Varies from state to state; contact a tax professional |