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Kentucky's Affordable Prepaid Tuition (KAPT)
Kentucky's Affordable Prepaid Tuition (KAPT) plan was closed to new enrollments in 2004. Participants could choose one of three KAPT packages: Value, Standard, or Premium. The first two are designed to lock in tuition at Kentucky public institutions, while the Premium plan is geared toward private college tuition rates. The program closed to new enrollment in 2004.
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.
The program was closed to new enrollments in 2004.
Kentucky Higher Education Assistance Authority
Most recent enrollment ended December 13, 2004. The program is currently closed to new enrollment.
The beneficiary must be a Kentucky resident at the time of program enrollment or have an intention to attend a Kentucky institution.
U.S. citizens and resident aliens at least 18 years old, UGMA/UTMA custodians, and legal entities.
Two years must lapse from the first payment due date, and all scheduled payments must be received, before tuition benefits may be used.
In the last (2004) enrollment period, prices ranged from as little as $3,175 for the one-year value plan to as much as $83,559 for the five-year premium plan. An extended payment plan is available.
3 tuition plans: (1) value plan covers community and technical college, (2) standard plan covers highest-cost Kentucky public university, and (3) premium plan provides benefits based on the average cost of Kentucky's private institutions that grow in value at the same rate as tuition increases at the University of Kentucky.
Beneficiary receives contract payout value, regardless of institution type.
Lump sum or monthly installments (with or without a down payment) over a variety of terms.
Yes, 75% of the state abandoned property fund is available to cover any unfunded liability.
Fees & Expenses
$50 for the first contract and $25 for subsequent contracts.
Taxes and other Benefits
Qualified distributions from Kentucky and non-Kentucky 529 plans are exempt.
Kentucky follows federal tax-free treatment.
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Under Kentucky law, the right to benefits from KAPT is not subject to attachment, garnishment, or seizure by creditors of account owner or the beneficiary.
Distributions & Terminations
Benefit distributions are made to either the higher-education institution or account owner. Refunds are made to the account owner.
Contract ownership is not transferable except in limited circumstances.