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New York's 529 College Savings Program -- Direct Plan
The team of Ascensus College Savings and The Vanguard Group manages New York's 529 College Savings Program -- Direct Plan. It features age-based and static portfolio options utilizing Vanguard mutual funds. Accounts can be linked to the Upromise rewards service.
In Savingforcollege.com's latest quarterly rankings, this plan ranked in the top 10 for 1-year, 3-year, 5-year and/or 10-year performance.
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)
Start saving today
Access enrollment materials and open an account with New York's 529 College Savings Program -- Direct Plan in just a few easy steps.Enroll Now
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.
1998, but substantially changed in November 2003
Office of the State Comptroller and the New York State Higher Education Services Corporation
Ascensus College Savings
Vanguard Marketing Corporation
Through May 6, 2019.
U.S. citizens and resident aliens including minors, UGMA/UTMA custodians, and legal entities.
Accepts contributions until all account balances in New York's 529 plans for the same beneficiary reach $375,000.
$25, or $15 per pay period via payroll deduction.
The Age-Based Option offers a choice among 3 different risk levels (Aggressive, Moderate, or Conservative) each containing 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the selected risk level and beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
Select among 4 multi-fund portfolios (Growth, Moderate Growth, Conservative Growth, and Income), 8 individual index-fund portfolios, and the Interest Accumulation portfolio.
Vanguard mutual funds.
Click here, you need Microsoft Excel to open this document.
Click here to visit, link to the program website containing most current performance data.
Fees & Expenses
0.16% manager fee; fee includes underlying fund expenses.
Not applicable, included in the program management fee.
Taxes and other Benefits
Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner's spouse, are deductible. Contribution deadline is December 31 postmark.
Investment time horizon:
18 yrs (i.e. newborn): 0.38% annualized
10 yrs (i.e. 8-yr old): 0.68% annualized
2 yrs (i.e. 16-yr old): 3.45% annualized
Based on 8.82% NY tax rate. (For assumptions see 529 State Tax Calculator.)
The principal portion of rollovers and nonqualified withdrawals from this plan are subject to New York tax to the extent of prior New York tax deductions, but only after removal of non-deducted contributions. A rollover for this purpose does not include a trustee-to-trustee transfer between two different accounts in New York's 529 plan.
Qualified distributions from New York and non-New York 529 plans (via conformity to the federal tax exclusion) are exempt.
New York follows tax-free treatment for rollovers except that, according to a New York State Dept. of Taxation and Finance interpretation, a rollover out of a New York 529 plan is treated as a nonqualified withdrawal. A direct trustee-to-trustee rollover between two New York 529 accounts is not treated as a nonqualified withdrawal for this purpose.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Under New York law, assets in a New York 529 account are exempt from application to satisfy a money judgment against an account owner/designated beneficiary who is a minor. Protection for an account owner who is not a minor is limited to $10,000 on an aggregate basis.
Distributions & Terminations
Choice of account owner, beneficiary, or eligible educational institution; if the institution, then the withdrawal amount is first directed to the NY Higher Education Services Corp. and then paid to the institution from HESC.
Accepts requests to transfer account ownership.
Documents, Access & Reporting
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