| Click on the fund names to get information on that state's investment options and rates of return or click on the url to find out more at their Website. |
 |
Alabama
Legislation pending for savings plan (State has existing prepaid tuition plan.) |
|
Alaska
University of Alaska College Savings Plan | T. Rowe Price
800 478-0003 (in-state)
www.alaska.edu/swact | No | n/a | $250,000 | $250 initial/ $50 after or $50 direct transfer | n/a | 10% of growth |
| (To be introduced this spring. State has existing prepaid plan) |
|
Arizona (n)
Arizona Family College Savings Program | Securities Management & Research
888-667-3239
www.smrinvest.com | No
10 | 0.49% to 2.75%
plus $10 application fee | $168,616(I) | $100
(or $20 a month) |
Tax-free growth | 10% on earnings |
| Arizona residents can invest in any 529 plan and earnings grow tax-exempt |
|
Arkansas
GIFT College Investing Plan
(Great Investment For Tomorrow) | Mercury Advisors
877-442-6553
www.thegiftplan.com | No
5 | 1.39% to 1.86%
$50/annual fee | $125,000(I) | $250
(or $50/month with automatic contributions) |
Tax-free growth | 10% on earnings |
| (Annual fee waived for Arkansas residents & some others) |
|
California
Golden State ScholarShare College Savings Trust | TIAA-CREF
877 728-4338
www.scholarshare.com | No
4 | 0.8% | Varies based on age and estimated costs of highest cost Calif. college | $25 (or $15/ installment plan) | Tax-deferred growth | 10% on earnings |
|
Colorado (b)
Scholars Choice College Savings Program | Salomon Smith Barney
888-572-4652
www.scholars-choice.com | No
5 | 1.29% plus $30 annual fee for non-Colorado residents | $150,000 | $25 | Entire contribution is deductible; Tax-free growth | 10% on earnings |
|
Connecticut
Connecticut Higher Education Trust | TIAA-CREF
888 799-2438
www.aboutchet.com | No
3 | 0.79% | $235,000(I) | $25 (or $15/installment) | Tax-free growth | 10% on earnings |
|
Delaware
Delaware College Investment Plan | Fidelity Investments
800 544-1655
www.fidelity.com | No
1 age-based portfolio | $30/yr. + 0.48% -- 1.29% | $131,480 | $500, or $50/mo. electronic transfer | n/a | 10% of growth |
| Will add 100% equity and 70% equity/30% bonds and money market funds this April |
|
District of Columbia
Washington D.C. has approved a college savings plan, which is likely to go into effect as soon as March, barring a decision by Congress to block it. |
|
Florida
Florida College Savings Program
| Hasn't been picked
800 552-4723
www.floridaprepaidcollege.com | No | n/a | n/a | n/a | No state income tax; exempt from intangible tax | n/a |
| (Expected to open this summer. State has existing prepaid tuition plan.) |
|
Georgia
Georgia Higher Education Savings Plan (Legislation pending) |
|
Hawaii
New plan to open this year | Hasn't been picked | No | n/a | n/a | n/a | n/a | 10% of growth |
|
Idaho (a)
IDEAL (Idaho College Savings Program) | TIAA-CREF
866 433-2533
www.idsaves.org
(starts March 15) | No
3 | 0.86%-0.94% | $235,000 (I) | $25 (or $15/installment) | Up to $4,000 deduction a year per taxpayer
Tax-free growth | 10% on earnings |
|
Illinois(b)
Bright Start College Savings Program | Salomon Smith Barney
877-432-7444
www.brightstart savings.com | No
3
| 0.99% | $160,000 (I) | 25 | Tax-free growth | 10% on earnings |
| Illinois residents have additional investment options that include CDs. The legislature is examing proposals for deductions |
|
Indiana
Indiana Family College Savings Plan | Bank One
888-814-6800
www.incollegesave.com | No
5 | 0.20% to 1.06%
plus $10 enrollment fee and $25 annual fee | $114,548 | $50 | | 10% on earnings |
| A proposal to make growth tax-exempt and give a deduction is before the legislature |
|
Iowa
College Savings Iowa | State invests using Vanguard funds
888-446-6696
http://www.collegesavingsiowa.com | No
1
(more options to come) | 0.77% to 0.79% | $140,122 | $50 in any year you contribute | $2,112 deduction per beneficiary tax free growth | 10% on earnings |
|
Kansas
Learning Quest Education Savings Program | American Century
800-579-2203
www.learningquest savings.com | No
3 | 0.91% to 1.35% plus $10 fee for Kansas residents & $40 for others | $127,000 | $500 or $25/ month (Kansas residents); $2500 or $50/month (non-Kansans) | $2000 deduction per beneficiary | 10% on earnings |
| Can elect an age asset allocation that has nothing to do with child's real age |
|
Kentucky(b)
Kentucky Education Savings Plan Trust |
TIAA-CREF
877 598-7878
www.kentuckytrust.org | Yes
2 | 0.80% | $235,000(I) | $25 (or $15/ paycheck) | Tax-free growth | 10% on earnings |
|
Louisiana
Louisiana Student Tuition Assistance and Revenue Trust Program | State Treasurer
800 259-5626
www.osfa.state.la.us | Yes,
fund owner or beneficiary
1 | None | $157,040 + inflation factor | $10 | Tax-free growth
Deduct up to $2,400/yr. of contributions per beneficiary | 10% of growth |
|
Maine(b)
NextGen College Investing Plan | Merrill Lynch
877-463-9843
www.nextgenplan.com | No
15
| 1.31% to 2.13%
$50 annual fee
(waived for ME residents)
| $153,000 (I) | $250 (or $50 with regular contribution) | Tax-free growth | 10% on earnings |
| Difference in fees depends on if purchased direct or through financial advisors. Only four Merrill funds sold to direct investors.All 15 plans available through advisors. Added investments from MFS, Franklin Templeton & AIM in Nov. 2000. |
|
Maryland
Maryland College Investment Plan
| Hasn't been picked
888 463-4723
www.prepaid.usmd.edu | No | n/a | 100,000 | n/a | Deduct up to $2,500 of contributions per yr. per account, with carryforward provision (m) | n/a |
| Expected to open this fall. State has existing prepaid tuition plan. |
|
Massachusetts(b)
U. Fund College Investing Plan | Fidelity Investments
800 544-2776
www.fidelity.com | No
1 age-based portfolio | $30/yr. + 0.48% to 1.29% | $171,125 | $1,000, or $50/mo. electronic transfer | n/a | 10% of growth |
Plans to add 100% equity and 70%equity/30% bonds & money market in April
|
|
Michigan
MESP (Michigan Education Savings Program) | TIAA-CREF
877 861-6377
www.misaves.com | No
3 | 0.65% | $125,000(I) | $25 (or $15/paycheck) | $5,000 deduction Tax-free growth
| 10% on earnings + principal |
| State may match $1 for every $3 contributed up to $200 per child in first year of enrollment (check restrictions) |
|
Minnesota(a)
Minnesota College Savings Plan | TIAA-CREF
N.A. | No
3 | 0.65% | $100,000 | $25 (or $15/installment plan) |
State offers annual match of up to $300 (check restrictions) | 10% on earnings |
|
Mississippi
MACS (Mississippi Affordable College Savings Program) | TIAA-CREF
800-486-3670
(active mid-March)
www.collegesavingsms.com | No
3 | 0.86%-0.94% | $235,000(I) | $25 (or $15/installment) | $10,000 deduction Tax-free growth | 10% of earnings |
| Plan to launch March 19. Prepaid plan already available. |
|
Missouri
MO$T (Missouri Saving for Tuition Program) | TIAA-CREF
888-414-6678
www.missourimost.org | No
3 | 0.0065 | $100,000 | $25 (or $15/paycheck) | $8,000 deduction Tax-free growth | 10% tax on earnings |
|
Nebraska
College Savings Plan of Nebraska | Union Bank & Trust
888-993-3746
www.planforcollegenow. com | No
10 | 0.92% to 1.08% plus $24 annual fee | $165,000(I) | $300 year ($25/month) in years you contribute | $1,000 deduction per family; Tax-free growth | 10% on earnings |
| Invest in Fidelity, Janus, Vanguard, Pimco, American Century, State Street, & T. RowePrice funds |
|
New Hampshire
UNIQUE College Investing Plan | Fidelity Investments
800 544-1722
www.fidelity.com | No
1 age-based portfolio | $30/yr. + 0.48% to 1.29% | $166,600 | $1,000, or $50/mo. electronic transfer | n/a | 10% of growth |
| Plans to add 100% equity and 70%equity/30% bonds& money market |
|
New Jersey
New Jersey Better Educational Savings Trust | State Treasurer
877 465-2378
www.hesaa.org | Yes, either fund owner or beneficiary
1 age-based portfolio | $5/yr. + 0.5% | $150,000 (i) | $25/mo. | Tax-free growth (also for money in out-of-state plans); scholarships of $500 to $1,500 for those attending in-state | 10% of growth |
State obligated to return at least contribution level
|
|
New Mexico(b)
The Education Plan | State Street Global Advisors
800 499-7581
www.theeducationplan.com | No
9 | 0.88%-1.29% plus $30 annual fee | $160,539 | $250 (then can do $25 monthly) | All contributions are deductible; Tax-free growth | 10% on earnings |
| Underlying portfolios are funds managed by MFS, SSGA, Janus, Invesco. Annual fees waived for New Mexico residents & some others) |
|
New York
NY's College Savings Program | TIAA-CREF
877 697-2837
www.nysaves.org | No
4 | 0.65% | $100,000 and capped when balance reaches $235,000 | $25 (or $15/installment) | $5,000 deduction Tax-free growth | 10% on earnings |
|
North Carolina
College Vision Fund | State Treas.
(4 new plans starting July 1 will be professionally managed)
800 600-3453
www.collegevisionfund.org | Yes, fund owner or beneficiary; (No after July 1)
1 now, 4 new ones beginning July 1(d) | 0.5% | $187,500 | None | Tax-free growth | 15% of growth
(10% after July 1) |
|
North Dakota
College SAVE | Morgan Stanley Dean Witter
800-472-2166
(temporary) | Waiting for SEC clearance. Not providing details | n/a | n/a | | n/a | n/a |
|
Ohio(b)
CollegeAdvantage | Putnam
800-233-6734
www.collegeadvantage.com or
www.putnaminv.com | No
4 | 1.05% to 1.82% with loads of up to 3.5% for some share classes for non-Ohio residents $25/annual fee (waived under certain circumstances) | $229,000 (I) | $25 (or $15/month) | $2,000 deduction/beneficiary with unlimited carryforward Tax-free growth | 10% on earnings |
|
Oklahoma
Oklahoma College Savings Plan | TIAA-CREF
877 654-7284
www.OK4saving.org | No
3 | 0.78% to 0.83% | $100,000 | $25
(or $15/paycheck) | | 10% on earnings |
|
Oregon
Oregon College Savings Plan | Strong Capital Management
866-772-8464
www.oregoncollegesavings.com | Either account owner or beneficiary needs to be a resident (state has legislation to change this)
4 | 1.1% to 1.58% (plus 0.65% back end load if purchased through an advisor) | $150,000(I) | $25/month | $2,000 deduction per tax filing | 10% on earnings |
|
Pennsylvania(n)
Undetermined | 800 440-4000
(for existing hybrid tuition plan)
www.patap.org | No
Existing plan has requirement | n/a | n/a | n/a | Tax-free growth
No impact on state financial aid
State matches part of contributions for low-income | 10% of growth |
| New fund to be introduced later this year. State already has hybrid tuition/savings plan. |
|
Rhode Island
CollegeBoundfund | Alliance Capital Management
888 324-5057
www.collegeboundfund.com | No
5 | $25/yr. + 0.9% to 1.10% | $246,023
(balance at which contributions cease) | $250 to open account, then $50 | Under consideration | 10% of growth |
|
South Dakota
Has a bill to create a college savings program before its legislature |
|
Tennessee(b)
BEST Savings Program (Baccalaureate Education System | TIAA-CREF
888-486-2378
www.tnbest.org | No
1 | 0.95% | $100,000 | $25 (or $15/payroll) | Tax-free growth | 10% on earnings |
|
Texas
Has a bill to create a college savings program before its legislature |
|
Utah
Utah Educational Savings Plan Trust | State invests in Vanguard funds
800-418-2551
www.uesp.org | No
4 | No fees for money market option
Fees for other options from 0.31% to 0.35% plus up to $25 annual fee | $160,000 | $25/month per family | $1,365 deduction per beneficiary
Tax-free growth | Lose all income if close account in 2 years; after that lose 10% of earnings |
|
Vermont
Vermont Higher Education Savings Plan | TIAA-CREF
800-637-5860
www.vsac.org | Yes
(either child or account owner must be VT resident at enrollment)
2
(introducing new options by May) | 0.80%
No fee for interest option | $100,000 | $25
($15/payroll) | .
Tax-free growth | 10% on earnings |
|
Virginia(b)
Virginia Education Savings Trust | State agency
888 567-0540
www.virginiacollegesavingsplan.com | No
1 age-based portfolio | 0.85% to 1.0% | $100,000 | $25 | Tax-free growth
Deduct up to $2,000/yr./acct. of contributions with carryforward
(Unlimited for aged 70 and older)(m) | 10% of growth |
|
Washington
Has a bill to create a college savings plan before its legislature |
|
West Virginia
| 800 307-4701
www.wvtreasury.com
Legislation pending. State has a prepaid tuition plan. |
|
Wisconsin
EdVest College Savings Program | Strong Capital Management
888-338-3789
www.edvest.state.wi.us | No
7 | Not determined but about 1%
(A $50 enrollment fee is likely to decrease) | $135,800 | $25 per month with automatic withdrawal or $100 | $3,000 deduction per dependent per tax filing
Tax-free growth | 10% of earnings |
|
Wyoming
College Achievement Plan | Mercury Advisors
877-529-2655
www.collegeachievementplan.com | No
5 | 1.35% to 1.83%
$50 annual fee
(waived for Wyoming residents & some others) | $120,000 | $250
$50/month
(if sign up for automatic investing) | There is no state income tax | 10% on earnings |
|
| (a)=not yet launched | (b)=prepaid plan also |
| (h)=any broker fees are extra, except where noted | (i)=contributions end at this balance |
| (k)=per taxpayer | (n)=state also has a hybrid plan |
Copyright 2001 , by The McGraw-Hill Companies Inc. All rights reserved.
