529 Plan Details:
Enter your state:
World's Simplest College Calculator:
How old is your child?
Find a 529 Pro:
Enter your zip code:
Enroll In a 529 Plan:
Smart Choice College Savings Plan
Colorado's Smart Choice College Savings Plan offers two FDIC-insured options through FirstBank: a one-year time savings account and a money market savings account.
Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)
Did you know?
Residents are not limited to investing in their own state's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors ... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
Enroll directly with the program.
CollegeInvest, a division of the Colorado Department of Higher Education
FirstBank Holding Company
FirstBank through its individually chartered banks.
Through September 30, 2019.
U.S. citizens and resident aliens including UGMA/UTMA custodians.
None, except the One-Year Time Savings Account option is subject to early withdrawal penalties.
Accepts contributions until all account balances in Colorado's 529 plans for the same beneficiary reach $350,000.
There are 2 options. The Money Market Savings Account earns interest at a rate established by FirstBank not less than the interest rate publicly offered by FirstBank on its regular Money Market Savings Accounts less 0.10%. The One-Year Time Savings Account earns interest at a rate that is 0.10% less than the rate publicly offered by FirstBank for its regular One-Year Times Savings Accounts, subject to an early withdrawal penalty of 90 days of interest if withdrawn before the one-year maturity date.
FDIC-insured bank deposit accounts with FirstBank. FDIC insurance is subject to limitations.
Not applicable. Program does not utilize mutual funds.
View current rates at www.efirstbank.com
Not applicable. This program does not utilize mutual funds.
Fees & Expenses
None. (FirstBank pays Colorado CollegeInvest an administrative fee of 0.10% of assets.)
Taxes and other Benefits
The Matching Grant Program provides a dollar-for-dollar match of up to $500 in contributions for lower- to middle-income Colorado residents to accounts with an eligible beneficiary (a dependent under age 13 at the time of initial application). Applications are accepted each year between September 1 and December 31. The match can extend for a maximum five years. Matching grants for future years are subject to continued funding by the sponsor. The CollegeInvest 529 Scholarship provides a $2,000 scholarship to any full-time student who is a Colorado resident, has maintained or has had a parent/guardian maintain a CollegeInvest account for at least two years, and can substantiate an expected family contribution (EFC) of $25,000 or less. The scholarship is renewable each year up to a total of four years or $8,000. Applications are accepted January 1 through July 31.
Contributions to a Colorado 529 plan, to the extent of the contributor's Colorado taxable income, are deductible in computing Colorado taxable income. Rollover contributions are not eligible for the deduction.
Investment time horizon:
18 yrs (i.e. newborn): 0.20% annualized
10 yrs (i.e. 8-yr old): 0.36% annualized
2 yrs (i.e. 16-yr old): 1.82% annualized
Based on 4.63% CO tax rate. (For assumptions see 529 State Tax Calculator.)
The principal portion of rollovers and nonqualified withdrawals from this plan are included in Colorado taxable income to the extent of prior Colorado tax deductions. Nonqualified withdrawals for this purpose do not include withdrawals made as the result of the beneficiary's death or disability or withdrawals made on account of the beneficiary's receipt of a scholarship.
Qualified distributions from Colorado and non-Colorado 529 plans are exempt.
Colorado follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Under Colorado law, moneys credited to or expended from the Colorado savings trust fund by or on behalf of an account owner, depositor, or designated beneficiary of a savings contract are exempt from all claims of creditors of the account owner, depositor, and designated beneficiary.
Distributions & Terminations
Eligible educational institution, beneficiary, or account owner, as directed by the account owner.
Accepts requests to transfer account ownership.
Documents, Access & Reporting