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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

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

Guide to College Savings Plans