Guide to College Savings Plans


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.

State
Name of Fund
College Saving Plan and Investment Manager
Contact Info
Alabama
Legislation pending for savings plan (State has existing prepaid tuition plan.)
Alaska
University of Alaska College Savings Plan

http://www.troweprice.com/
http://www.troweprice.com/college/

http://www.troweprice.com/college/collegeFundIndex/0,3830,pgid=col6287&lang=ENG,00.html

T. Rowe Price
800 478-0003 (in-state)
www.alaska.edu/swact

Manulife College Savings  Plan
Manulife Financial
 
http://www.manulife.com/usa/usa.nsf/Public/USHome.html#collegesavings

(To be introduced this spring. State has existing prepaid plan)
Arizona (n)
Arizona Family College Savings Program

InvestEd
Waddell and Reed (InvestEd)

Securities Management & Research
888-667-3239
www.smrinvest.com

Arizona Family College  Savings Plan 
http://www.acpe.asu.edu/

http://www.acpe.asu.edu/Questions.html
http://arizona.collegesavings.com/
http://www.kiplinger.com/tools/managing/college/savings/2001/AZ.htm
 Securities Management & Research 
http://www.smrinvest.com/Default.asp?bhcd2=1015334545
http://smrinvest.com/College/Default.asp?bhcd2=1015334392

Arizona residents can invest in any 529 plan and earnings grow tax-exempt
Arkansas
GIFT College Investing Plan
(Great Investment For Tomorrow)

GIFT College Investing Plan

http://www.thegiftplan.com/flash_index.html
http://pub.franklintempleton.com/public/welcome/inv_topics/p3.htm
 Mercury Advisors
http://www.collegeachievementplan.com/home.html
http://www.collegeachievementplan.com/index.html

Mercury Advisors
877-442-6553
www.thegiftplan.com
  (Annual fee waived for Arkansas residents & some others)
California
Golden State ScholarShare College Savings Trust

Golden State Scholar Share College Savings Trust

http://www.scholarshare.com/
http://www.scholarshare.com/program_info.html
http://www.cpec.ca.gov/SecondPages/ScholarShare.asp

TIAA-CREF
http://www.tiaa-cref.org/tuition/colsavplans.html

TIAA-CREF
877 728-4338
www.scholarshare.com
Colorado (b)
Scholars Choice College Savings Program

Scholar's Choice
http://www.scholars-choice.com/index_home.html

http://www.prepaidtuition.org/index.htm
Salomon Smith Barney
http://www.salomonsmithbarney.com/
http://www.salomonsmithbarney.com/fin_pln/

Salomon Smith Barney
888-572-4652
www.scholars-choice.com
Connecticut
Connecticut Higher Education Trust

 CHET   TIAA-CREF
http://www.aboutchet.com/
http://www.aboutchet.com/allocations.html
http://www.aboutchet.com/tiaa.html
http://www.tiaa-cref.org

TIAA-CREF
888 799-2438
www.aboutchet.com
Delaware
Delaware College Investment Plan

Delaware College  Investment Plan Fidelity
http://www.state.de.us/treasure/college.html

http://www.doe.state.de.us/high-ed/DCIPfacts.htm
http://personal400.fidelity.com/planning/college/content/delaware.html.cvsr
http://personal400.fidelity.com/planning/college/parents/chartparents.html

Fidelity Investments
800 544-1655
www.fidelity.com
  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
  (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
Idaho (a)
IDEAL (Idaho College Savings Program)

IDeal TIAA-CREF

http://www.idsaves.org/invest_opt.html
http://www.tiaa-cref.org/

TIAA-CREF
866 433-2533
www.idsaves.org
(starts March 15)
Illinois(b)
Bright Start College Savings Program

Bright Start College  Savings Program
Salomon Smith Barney

http://www.brightstartsavings.com/index_home.html
http://www.salomonsmithbarney.com/fin_pln/
http://www.brightstartsavings.com/html/invst_options/invst_copy.html

Salomon Smith Barney
877-432-7444
www.brightstart savings.com
  Illinois residents have additional investment options that include CDs. The legislature is examing proposals for deductions
Indiana
Indiana Family College Savings Plan

College Choice 529  Investment Plan One
Group Administrative Services

http://www.collegechoiceplan.com/

http://www.incollegesave.com/
http://www.onegroup.com/ReadingRoom/diapersdiplomas2.asp

Bank One
888-814-6800
www.incollegesave.com
  A proposal to make growth tax-exempt and give a deduction is before the legislature
Iowa
College Savings Iowa

College Savings Iowa State Treasurer uses
Vanguard funds

http://www.collegesavingsiowa.com/
http://www.collegesavingsiowa.com/vanguard/
http://www.vanguard.com/cgi-bin/NewsPrint/997709658

State invests using Vanguard funds
888-446-6696
http://www.collegesavingsiowa.com
Kansas
Learning Quest Education Savings Program

Learning Quest Education  Savings Program  American Century
http://www.learningquestsavings.com/homepage.html

http://www.learningquestsavings.com/text/
http://www.treasurer.state.ks.us/cgi-win/cs_main.kst
http://www.americancentury.com/welcome\index.jsp

American Century
800-579-2203
www.learningquest savings.com
  Can elect an age asset allocation that has nothing to do with child's real age
Kentucky(b)
Kentucky Education Savings Plan Trust

Kentucky Education  Savings Plan Trust
TIAA-CREF
http://www.kentuckytrust.org/

http://www.kentuckytrust.org/overview.html
http://www.tiaa-cref.org/tuition/
http://www.tiaa-cref.org/tuition/colsavplans.html


TIAA-CREF
877 598-7878
www.kentuckytrust.org
Louisiana
Louisiana Student Tuition Assistance and Revenue Trust Program

Student Tuition Assistance  and Revenue Trust  Program (START)  State Treasurer

http://www.osfa.state.la.us/START.htm
http://www.treasury.state.la.us/start/start_index.htm
http://www.osfa.state.la.us/

State Treasurer
800 259-5626
www.osfa.state.la.us
Maine(b)
NextGen College Investing Plan

NextGen College Investing Plan  Merrill Lynch
http://www.state.me.us/treasurer/nextgen.htm

http://askmerrill.ml.com/product_details/1,2270,84,00.html
http://www.plan.ml.com/womeninvestors/

Merrill Lynch
877-463-9843
www.nextgenplan.com
  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

College Savings Plans of Maryland--College Investing Plan  T. Rowe Price
http://www.collegesavingsmd.org/

http://www.collegesavingsmd.org/BT3additionalinfo.cfm
http://www.troweprice.com/college/mdPressRelease.html
http://www.troweprice.com/

Hasn't been picked
888 463-4723
www.prepaid.usmd.edu
  Expected to open this fall. State has existing prepaid tuition plan.
Massachusetts(b)
U. Fund College Investing Plan

U Fund College Investing  Plan Fidelity
https://www.mefa.org/savings/index.shtml

https://www.mefa.org/savings/ufund.shtml
https://www.mefa.org/savings/ufund_info.shtml
http://www.kiplinger.com/tools/managing/college/savings/2001/MA.htm

Fidelity Investments
800 544-2776
www.fidelity.com
  Plans to add 100% equity and 70%equity/30% bonds & money market in April
Michigan
MESP (Michigan Education Savings Program)

Michigan Education Savings Plan TIAA-CREF
http://www.misaves.com/legal.html

http://www.tiaa-cref.org/tuition/
http://www.misaves.com/links.html
http://mel.lib.mi.us/michigan/MI-education.html

TIAA-CREF
877 861-6377
www.misaves.com
  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

Minnesota College Savings Plan         TIAA-CREF
http://www.mnsaves.org/

http://www.mnsaves.org/plan_partners.html
http://www.mheso.state.mn.us/mPg.cfm?PageID=110
http://www.tiaa-cref.org/tuition/

TIAA-CREF
N.A.
Mississippi
MACS (Mississippi Affordable College Savings Program)

Mississippi Affordable College Savings Program
TIAA-CREF
http://www.collegesavingsms.com/invest_opt.html

http://www.collegesavingsms.com/legal.html
http://www.kiplinger.com/tools/managing/college/savings/2001/MS.htm

TIAA-CREF
800-486-3670
(active mid-March)
www.collegesavingsms.com
  Plan to launch March 19. Prepaid plan already available.
Missouri
MO$T (Missouri Saving for Tuition Program)

Missouri Saving for Tuition
TIAA-CREF
http://www.missourimost.org/
http://www.missourimost.org/index.html
http://www.missourimost.org/emp_article2.html
http://www.missourimost.org/

TIAA-CREF
888-414-6678
www.missourimost.org
Nebraska
College Savings Plan of Nebraska

College Savings Plan of Nebraska Union Bank & Trust
http://www.planforcollegenow.com/
http://www.planforcollegenow.com/about/management.htm
http://www.ubt.com/products_services/trust_services/CSPN/college_saving_plan.htm
http://www.ubt.com/

Union Bank & Trust
888-993-3746
www.planforcollegenow. com
  Invest in Fidelity, Janus, Vanguard, Pimco, American Century, State Street, & T. RowePrice funds
New Hampshire
UNIQUE College Investing Plan

Unique College Investing Plan Fidelity
http://www.state.nh.us/governor/education/unique.html

http://personal100.fidelity.com/myfidelity/InsideFidelity/NewsCenter/mediadocs/introduces.shtml
http://personal100.fidelity.com/myfidelity/InsideFidelity/NewsCenter/mediadocs/College_Unique_Plan.html
http://www.kiplinger.com/tools/managing/college/savings/NH.htm

Fidelity Investments
800 544-1722
www.fidelity.com
  Plans to add 100% equity and 70%equity/30% bonds& money market
New Jersey
New Jersey Better Educational Savings Trust

NJ Best State Treasurer

State Treasurer
877 465-2378
www.hesaa.org
  State obligated to return at least contribution level
New Mexico(b)
The Education Plan

The Education Plan's College Savings Program  State Street
http://www.tepnm.com/news/pr/PR09272000.jsp
http://www.tepnm.com/index.jsp
http://boston.bizjournals.com/boston/stories/2002/01/07/daily4.html

http://www.ssga.com/individual/college_savings.html
                                                   CollegeSense State Street/New York Life

http://www.collegesense.com/about/schoolhouse.jsp

http://www.ssga.com/individual/college_savings.html
http://wwsense.com/education/splash.jsp

http://www.collegesense.com/news/pr/PR09062001.jsp

Scholar's Edge State Street/Oppenheimer
http://biz.yahoo.com/prnews/011210/nym054_1.html

http://www.oppenheimerfunds.com/pdf

State Street Global Advisors
800 499-7581
www.theeducationplan.com
  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

New York's College Savings Program TIAA-CREF
http://www.nysaves.org/
http://www.nyc.gov/html/opa/html/taxbreaks-college_savings.html
http://www.osc.state.ny.us/press/releases/aug98/8498.htm
http://www.osc.state.ny.us/college/fct-web.htm
http://www.tiaa-cref.org/tuition/colsavplans.html

http://www.kiplinger.com/tools/managing/college/savings/2001/NY.htm

TIAA-CREF
877 697-2837
www.nysaves.org
North Carolina
College Vision Fund

North Carolina's National College Savings Program State Treasurer/Wachovia/NCM Capital Management/Seligman
http://www.cfnc.org/savings/cv0022.jsp

http://www.cfnc.org/savings/cv0030.jsp
http://www.ncsecu.org/529plan.asp
http://biz.yahoo.com/prnews/011204/chtu029_1.html

http://www.savingforcollege.com/compare/plan/39.php

State Treas.
(4 new plans starting July 1 will be professionally managed)
800 600-3453
www.collegevisionfund.org
North Dakota
College SAVE

College SAVE Morgan Stanley
http://www.collegesave4u.com/
http://www.collegesave4u.com/html/intro_2.html

http://www.morganstanley.com/

Morgan Stanley Dean Witter
800-472-2166
(temporary)
Ohio(b)
CollegeAdvantage

CollegeAdvantage Putnam
http://www.collegeadvantage.com/
http://www.otta.state.oh.us/
http://www.collegeadvantage.com/resources/release12062001.shtml
http://www.putnaminvestments.com/individual/content/c/529home.htm

Putnam
800-233-6734
www.collegeadvantage.com or
www.putnaminv.com
Oklahoma
Oklahoma College Savings Plan

Oklahoma College Savings Plan
TIAA-CREF

http://www.treasurer.state.ok.us/college.html
http://www.treasurer.state.ok.us/news/archive/college3.html
http://www.tiaa-cref.org/tuition/

http://www.ok4saving.org/overview.html

TIAA-CREF
877 654-7284
www.OK4saving.org
Oregon
Oregon College Savings Plan

Oregon College Savings Plan Strong
http://www.estrong.com/strongweb/strong/jsp/oregon/about/basics.jsp
http://www.estrong.com/strongweb/strong/jsp/oregon/advisor/overview3.jsp
http://www.stronginstitutional.com/strongweb/si/partner/529/529index.jsp

http://www.kiplinger.com/tools/managing/college/savings/2001/OR.htm

Strong Capital Management
866-772-8464
www.oregoncollegesavings.com
Pennsylvania(n)
Undetermined

                                                   

 

800 440-4000
(for existing hybrid tuition plan)
www.patap.org
  New fund to be introduced later this year. State already has hybrid tuition/savings plan.
Rhode Island
CollegeBoundfund

CollegeBoundFund Alliance
http://www.collegeboundfund.com/

http://www.kiplinger.com/tools/managing/college/savings/2001/RI.htm
http://www.wfn.com/products/collegesavings.asp?pageid=879

http://www.wfn.com/products/collegesavings.asp?pageid=876

Alliance Capital Management
888 324-5057
www.collegeboundfund.com
South Dakota
Has a bill to create a college savings program before its legislature
Tennessee(b)
BEST Savings Program (Baccalaureate Education System

Tennessee's BEST TIAA-CREF
http://www.tnbest.org/

http://www.treasury.state.tn.us/best/index.htm

http://www.treasury.state.tn.us/best/letter.html

http://www.tnbest.org/comparison.html

http://www.kiplinger.com/tools/managing/college/savings/TN.htm

http://www.tiaa-cref.org/tuition/colsavplans.html

TIAA-CREF
888-486-2378
www.tnbest.org
Texas
Has a bill to create a college savings program before its legislature
Utah
Utah Educational Savings Plan Trust

Utah Educational Savings Plan Trust State uses Vanguard Funds
http://www.uesp.org/index.html
http://www.kiplinger.com/tools/managing/college/savings/2001/UT.htm

http://www.savingforcollege.com/compare/plan/52.php

State invests in Vanguard funds
800-418-2551
www.uesp.org
Vermont
Vermont Higher Education Savings Plan

Vermont Higher Education Investment Plan TIAA-CREF
http://www.vsac.org/investment_plan/main.htm

http://www.vsac.org/investment_plan/faq_text.htm
http://www.tiaa-cref.org/tuition/colsavplans.html

http://www.tiaa-cref.org/

TIAA-CREF
800-637-5860
www.vsac.org
Virginia(b)
Virginia Education Savings Trust

Virginia Education Savings Trust Virginia College Savings Plan Board
http://www.vpep.state.va.us/
http://www.vpep.state.va.us/vest_home.html

State agency
888 567-0540
www.virginiacollegesavingsplan.com
Washington
Has a bill to create a college savings plan before its legislature

                           
CollegeAmerica American Funds
                                      http://www.vpep.state.va.us/news_Coll_America.html
West Virginia

Smart529 Hartford
http://www.smart529.com/

http://www.smart529.com/529edcntr/programadm.html

800 307-4701
www.wvtreasury.com
Legislation pending. State has a prepaid tuition plan.
Wisconsin
EdVest College Savings Program

EdVest College Savings Program Strong
http://edvest.state.wi.us/static/
http://edvest.state.wi.us/static/edvest_strong.htm
http://www.estrong.com/strongweb/strong/jsp/edvest/index.jsp?BV_UseBVCookie=no&V_UseBVCookie=yes
http://www.ost.state.wi.us/static/

Tomorrow's Scholar Strong/American Express

http://www.estrong.com/strongweb/strong/jsp/ts/about/basics.jsp
http://www.estrong.com/strongweb/strong/jsp/ts/advisor/overview3.jsp
http://home3.americanexpress.com/corp/latestnews/tomorrows-scholar.asp
http://www.kiplinger.com/tools/managing/college/savings/2001/WI.htm

Strong Capital Management
888-338-3789
www.edvest.state.wi.us
Wyoming
College Achievement Plan

College Achievement Plan Mercury Advisors
http://www.collegeachievementplan.com/index.html

http://pub.franklintempleton.com/public/corporate/info/merc_partner.htm

Mercury Advisors
877-529-2655
www.collegeachievementplan.com
(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

 

Evaluation Tips on College Savings Plan Offered Under 529  
            The following tips guide you to learn about college savings plan offered under 529. You should first define your college concern, such as how many children you have? Will you commit to pay for their college expenses? You then go through the questions and fill out your answers as well as you could. Next you select your preferred state (or your residence state) and review its offering against the list of questions. Compare the answers you get with your intial answers. Highlight out questions that still beg for more complete answers. Then select your secondary or third choice state plan and match to the questions. You should be a well learned expert on the subject by this time. Now, you can commit your decision and select a plan to enroll in.  Since not all questions apply to all types of 529 plans, you may not get answers on some of the questions. However, this guide can give you a quick and focused learning process through iteration to become an educated 529 sponsor.   
           Concern for College Education
                
Do you have children? How many? Ages? 
                
Do you plan to have children? How many? Ages?
                
Do you want to sponsor college savings for children not of your own?
                
Do both parents want to contribute? Or single parent?                                

       Plan Eligibility

                 Only applicable to state residents?
                
Fully open to nonresidents?
                
Only applicable to sponsor's own children?
                
Fully applicable to any child?  

               Tuition, Room and Board

                 Covers tuition only? inflation included? Today's price and projected price?
                
Room and board also covered? percntage? 

               State Tax Deductions
                
Yes, how much?

               Savings Plan Security
                
Is your savings plan account guaranteed or secured by the state Government?

               Plan Management Fees and Expenses
                
Enrollment fee?
                
Annual maintenance fee?
                
Asset-based management fee?
                 
Underlying fund expenses?
                
Annual return on investment record published?

               Prepaid Contracts
                
Prepaid contract lump sum payment options?
                
Prepaid contract installment payment options?
                
Value of contract for out-of-state colleges and in-state and out-of-state private colleges?

               Investment Considerations
                
Offers an age-based or years-to-enrollment investment program? 
                
Does the plan offer any other investment options?
                
Investment/fund manager(s) identified?

               Qualified Usage or Withdrawals
                
Plan covers tuition only?
                
Mandatory fees, such as registration?
                
Books, supplies and equipment?
                
Dormitory room and board?
                 Private room and board?

               Non-qualified Withdrawals
                 Prepaid contract cancellation penalty?
                
State tax consequences?

               Time or Age Limitations for Plan
                
Is there a minimum period before qualified withdrawals may be taken? 
                
Any limits on age or account duration?

               Plan Contributions
                
Amount of minimum contributions?
                
Amount of maximum contributions?

               Enrollment and Purchase Procedures
                
Only parents qualified?      
                
Can enroll on any child's behalf?           
                
Enrollment time limitation?
                
On-line form application? paper form application only?
                
On-line resources? Explanation and examples?
                
On-line plan and account review? 
                 Transferable to Other State's Colleges?

                 Pay average tuition of state colleges? How is it computed
                
Any Penalty for transfer out-of-state? Percentage? Tax consequences? 

               Plan Consultation
                
800 number available for consultation?
                
Qualified person accessible for consultation?

 

Useful Links:

1. Sensible-Investors picks seven best college savings plan
2. State Plan ratings
3. What is 529 Plan by TIAA-CREF
4. The way to save for college
5. The Internet guide to 529
6. TIAA-CREF serves 12 states college savings plans
7. USA Today's 'how state tuition plans rate' (be aware of date)
8. College savings plan network
9. College Planning network
10. College parents network
11. College savings plan by state - by OSU
12. State Prepaid Tuition Programs - by Mapping Your Future
13. The Best and the rest College savings Plan
14. Investment results
15. Business Week On-line Guide for College Savings Plan 3/12/2001
16. Business Week On-line Guide for College Savings Plan 3/11/2002