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529 Plan for College Savings: 529 Plans Listed by State

Sept. 24, 2020
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A 529 plan can be a great way to save for college, if you know the rules and how to optimize your investment.

What is a 529 plan?

A 529 plan is a type of savings and investment account in which money grows tax-free as long as the withdrawals are for qualified education expenses. They are named after a section of the IRS code.

There are two types of 529 plans:

  1. 529 college savings plans are the most common type. Investments grow tax-free and can be withdrawn tax-free for educational expenses such as tuition, room and board, and required textbooks.
  2. 529 prepaid plans let you prepay part or all of an in-state public tuition, locking in the tuition at time of payment.

Unlike retirement and other investment accounts, 529 plans are typically operated by states, which makes searching for the best option fairly easy; if your state offers a tax deduction for contributing, you’ll likely get the most bang for your buck by contributing to its plan.

You don’t have to contribute to your state’s plan, though. In reality, you’re free to choose any plan you’d like, so it’s worth comparing your options (and some states offer more than one 529 plan).

Read more on 529 plan rules here.

Consider looking for direct-sold plans: They are sold directly by the state, rather than through an advisor, which can translate into lower fees for investors. Below are two lists, one for each type of plan, showing direct-sold 529 plans by state.

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College savings 529 plans by state

StatePlan NameTax benefit for in-state contributors?Minimum contribution
AlabamaCollegeCountsYesnone
AlaskaUniversity of Alaska College Savings PlanNo$25
ArizonaArizona Family College Savings PlanYes$15
ArkansasArkansas 529 GIFT PlanYes$10
CaliforniaScholarShare 529Nonone
ColoradoCollegeInvestYes$25
ConnecticutConnecticut Higher Education Trust (CHET)Yes$25
DelawareDelaware College Investment PlanNonone
District of ColumbiaDC College Savings PlanYes$25
FloridaFlorida 529 Savings PlanNo$0
GeorgiaPath2CollegeYes$25
HawaiiHI529Yes$15
IdahoIDeal - Idaho College Savings ProgramYes$25
IllinoisBright Start 529 PlanYesnone
IndianaCollegeChoice 529Yes$10
IowaCollege Savings Iowa 529Yes$25
KansasLearning Quest 529 Education Savings PlanYesnone
KentuckyKY Saves 529No$25
LouisianaLouisiana's Student Tuition Assistance & Revenue TrustYes$10
MaineNextGen 529No$25
MarylandMaryland 529Yes$25
MassachusettsMassachusetts 529 college savings planYes$15
MichiganMichigan Education Savings ProgramYes$25
MinnesotaMN SavesYes$25
MississippiCollege Savings MississippiYes$25
MissouriMOST — Missouri's 529 Education PlanYes$0
MontanaAchieve MontanaYes$25
NebraskaNEST 529 Advisor PlanYes$10
NevadaNevada College Savings Plans ProgramNo$15
New HampshireUNIQUE College Investing PlanNo$0
New JerseyNJBESTNo$25
New MexicoThe Education PlanYes$1
New YorkNew York’s 529 College Savings ProgramYes$0
North CarolinaCollege Foundation of North CarolinaNo$25
North DakotaCollegeSAVEYes$25
OhioOhio's 529 College AdvantageYes$25
OklahomaOklahoma 529 College Savings PlanYes$25
OregonOregon College Savings PlanYes$25
PennsylvaniaPA529Yes$25
Rhode IslandCollegeBound SaverYes$0
South CarolinaFutureScholarYes$0
South DakotaCollegeAccess529No$250
Tennesseehttps://www.tnstars.com/No$25
TexasTexas College Savings PlanNo$25
UtahMy529Yesnone
VermontVermont Higher Education Investment PlanYes$25
VirginiaVirginia529Yes$25
WashingtonDreamAhead College Investment PlanNo$25
West VirginiaSMART529 WV DirectYesnone
WisconsinEdvestYes$25
WyomingNone

Prepaid 529 plans by state

The minimum contribution to a prepaid plan depends on the cost of a credit or the monthly payment plan. Check the specific plan for the correct minimum.


 

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