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College Savings Iowa

Iowa

College Savings Iowa, a Vanguard-managed 529 savings program features four different tracks in its age-based option along with ten static portfolios, all utilizing Vanguard funds. Accounts can be linked to the Upromise rewards service.

5-Cap Rating

Resident:
Non-Resident:

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)

Performance Costs Features Reliability Resident Upgrade
3.69 4.22 3.07 4.80 0.40

General

Program type:

Savings

How to enroll:

Enroll directly with the program.

Initial year of operation:

1998

State agency(ies):

State Treasurer of Iowa

Program manager:

State Treasurer of Iowa, Ascensus College Savings, and The Vanguard Group

Program distributor:

State Treasurer of Iowa and Vanguard Marketing Group

Manager contract term:

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Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

U.S. citizens and resident aliens at least 18 years old, and UGMA/UTMA custodians.

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in Iowa's 529 plans for the same beneficiary reach $320,000.

Minimum contributions:

$25, or $15 per pay period via payroll deduction.

Investment Options

Age-based investment options:

The Age-Based option is offered in 4 different risk levels (Tracks A, B, C, and D) each containing 4 or 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the risk level selected and the age of the beneficiary, and later reassigned to more conservative portfolios as the beneficiary approaches college age.

Static investment options:

Select among 6 multi-fund portfolios (Aggressive Growth, Growth, Moderate Growth, Conservative Growth, Income, and Conservative Income) and 4 individual-fund portfolios (Vanguard Total Bond Market Index Fund, Vanguard Institutional Total Stock Market Index Fund, Vanguard Total International Stock Index Fund and Vanguard Prime Money Market Fund)

Underlying investments:

Vanguard mutual funds.

Underlying fund allocations:

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Investment performance link:

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Portfolio Fees & Performance Lookup

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Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

None.

Program management fees:

0.26% manager fee; fee includes underlying fund expenses.

Expenses of the underlying investments:

Not applicable, included in the program management fee.

Total asset-based expense ratio:

0.28%

Taxes and other Benefits

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to an Iowa 529 plan of up to $3,098 for 2014 per beneficiary by an individual, and up to $6,196 per beneficiary by married taxpayers filing jointly who each make their own contributions, are deductible in computing Iowa taxable income. The maximum deduction increases each year with inflation. Only contributions made by the account owner are deductible. Contribution deadline is December 31 postmark.

Value of in-state tax benefits:

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State tax recapture provisions:

The principal portion of rollovers and nonqualified withdrawals from this plan are included in Iowa taxable income to the extent of prior Iowa tax deductions.

State tax treatment of qualified distributions:

Qualified distributions from Iowa and non-Iowa 529 plans are exempt.

State tax treatment of rollovers:

Iowa follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Yes

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Does the program have a formal agreement with a rewards program or outside scholarship program?

Yes, with the Upromise rewards service.

Statutory protection of an account from creditors:

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Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

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Contact

Web site:

Click here to visit

Telephone:

1-888-672-9116

Twitter

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