State governments run College Savings Plans but the investments are managed by private organizations. For example, the investments in New York’s College Savings Plan are managed by TIAA, a part of TIAA-CREF, a leading financial services organization. Organizations such as Vanguard Group, the big mutual fund company, and others manage College Savings Plans on behalf of state government. The table below gives a list of the College Savings Plans offered by each state.
Each state has a different name for its College Savings Plan. Kentucky’s College Savings Plan is called the Kentucky Education Savings Plan Trust, while Hawaii’s is called TuitionEdge. Sometimes a state may have one name for its Prepaid College Plan and another for its College Investment Plan. Maryland calls its Prepaid College Plan the Maryland Prepaid College Trust and its College Investment Plan, the Maryland College Investment Plan. As long as the plan comes under the IRS’ 529 Plan designation, however, you are looking at College Savings Plan no matter what the state calls it. The table below gives a list of the College Savings Plans for each state.
A state can have several College Savings Plans with various levels of attractiveness. Arizona, for example, has three types of College Savings Plans that can be bought from different companies. The most basic College Savings Plan Arizona has is the College Sure CD’s offered by the College Savings Bank. These CDs guarantee a minimum return and charges no load or expenses. The other College Savings Plan choices in Arizona are mutual funds with relatively expensive sales loads and expense ratios. This Arizona plan is a good illustration as to how a state can have several plans, some of which are better than others.
When you start researching College Savings Plans, you will quickly notice that the section of the state government that overseas such plans is the state Treasurer's office.You should go to the website of your state Treasurer to get the most up-to-date information about the kind of plans they are now offering. The National Association of State Treasurer's website, www.nast.net, will guide you to your State Treasurer's site.
You should also be aware that even if you do not live in a particular state, you can still invest in that states College Savings Plans, although you may not be able to take full advantage of the tax benefits offered by that state.
|
STATE |
COLLEGE SAVINGS PLAN |
PHONE NUMBER |
WEBSITE1 |
|
Alabama |
Prepaid Affordable College Tuition Program (PACT) Alabama Higher Education 529 Fund |
800-252-7228 866-529-2228 |
|
|
Alaska |
Advanced College Tuition Program (ACT) |
866-277-1005 |
|
|
Arizona2 |
Arizona Family College Savings Program |
602- 258-2435 888-667-3239 800-888-2723 888-923-3355 |
|
|
Arkansas |
Gift College Investing Plan |
877-442-6553 |
|
|
California |
Golden State ScholarShare |
877-728-4338 |
|
|
Colorado |
CollegeInvest Prepaid Tuition Plan Scholars Choice |
800-478-5651 888-572-4652 |
|
|
Connecticut |
Connecticut Higher Education Trust (CHET) |
888-799-2438 |
|
|
Delaware |
Delaware College Investment Plan Unique College Investment Plan U.Fund College Investment Plan |
800-544-1655 800-544-1722 800-544-2776 |
www.state.de.us/treasure/college.html |
|
Florida |
Florida Prepaid College Program |
800-552-4723 |
|
|
Georgia |
The Georgia Higher Education Savings Plan |
877-424-4377 |
|
|
Hawaii |
TuitionEDGE |
866-529-3343 |
|
|
Idaho |
Idaho College Savings Program |
866-433-2533 |
|
|
Illinois |
College Illinois |
877-877-3724 877-432-7444 |
|
|
Indiana |
The College Choice 529 Investment Plan |
866-400-7526 |
|
|
Iowa |
College Savings Iowa |
888-672-9116 |
|
|
Kansas |
Learning Quest Education Savings Program. |
800-579-2203 |
|
|
Kentucky |
Kentucky Education Savings Plan Trust |
877-598-7878 |
|
|
Louisiana |
Louisiana Student Tuition Assistance and Revenue Trust (START) |
800-259-5626, extension 1012 |
|
|
Massachusetts |
Massachusetts U. Plan Massachusetts U. Fund |
800-449-6332 |
|
|
Maryland |
Maryland Prepaid College Trust Maryland College Investment Plan |
888-463-4723 |
|
|
Maine |
NextGen College Investing Plan |
877-463-9843 |
|
|
Michigan |
Michigan Education Savings Program Michigan Education Trust (MET) |
877-861-6377 800-MET-4-KID |
(look under Education) |
|
Minnesota |
Minnesota College Savings Plan |
877 338-4646 |
|
|
Mississippi |
The Mississippi Prepaid Affordable College Tuition Program (MPACT) Mississippi Affordable College Savings Program (MACS) |
800-987-4450 (601) 359-5255 |
www.treasury.state.ms.us/mpact.htm |
|
Missouri |
Missouri Saving For Tuition Program (MOST) |
888-414 - 6678 |
|
|
Montana |
Montana Family Education Savings Program |
800-888-2723 |
montana.collegesavings.com |
|
Nebraska |
College Savings Plan of Nebraska |
888-993-3746 |
|
|
North Carolina |
National College Savings Program |
866-866-2362 |
|
|
North Dakota |
College Save |
866-728-3529 |
|
|
Nevada |
America's College Savings Plan |
877-529-5295 |
|
|
New Hampshire |
The UNIQUE College Investing Plan |
800-544-1722 |
|
|
New Jersey |
New Jersey Better Education Savings Trust (NJBEST) |
877-465-2378 |
|
|
New Mexico |
The Education Plan of New Mexico |
800-499-7581 |
|
|
New York |
New York's College Savings Program |
877-697-2837 |
|
|
Ohio |
CollegeAdvantage |
800-233-6734 |
|
|
Oklahoma |
Oklahoma College Savings Plan |
877-654-7284 |
|
|
Oregon |
Oregon College Savings Plan |
866-772-8464 |
|
|
Pennsylvania |
Pennsylvania Tuition Account Program |
800-440-4000 |
|
|
Rhode Island |
CollegeBoundfund |
888-324-5057 |
|
|
South Carolina |
South Carolina Tuition Prepayment Program (SCTPP) |
888-772-4723 |
|
|
South Dakota |
South Dakota's College Access 529 Plan |
866-529-7462 |
|
|
Tennessee |
Tennessee's Baccalaureate Education System Trust (BEST) Prepaid Tuition Plan Baccalaureate Education System Trust (BEST) Savings Plan |
888-486-2378 |
|
|
Texas |
Texas Tomorrow Fund |
800-445-4723 |
|