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CollegeWealth

Virginia

Virginia's CollegeWealth bank product allows account owners to save in traditional FDIC- or NCUA-insured deposit accounts at participating banks or financial institutions and benefit from Section 529 tax advantages.

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
3.00 N/A 1.50 3.40 0.30

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General

Program type:

Savings

How to enroll:

Enroll at a participating bank or financial institution. Current participating banks are BB&T and Union First Market Bank. Enroll Now

Initial year of operation:

2007

State agency(ies):

Virginia College Savings Plan

Program manager:

Virginia College Savings Plan

Program distributor:

Participating banks and financial institutions. Current participating banks are BB&T and Union First Market Bank.

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 legal residents, UGMA/UTMA custodians, and other entities allowed by the participating bank or financial institution.

Significant time or age restrictions imposed by the program:

Accounts must be used within ten years after the projected date of high school graduation or, if later, within ten years of opening the account, unless an extension is granted.

Contributions

Maximum contributions:

Accepts contributions until all account balances in Virginia's 529 plans for the same beneficiary reach $350,000.

Minimum contributions:

Varies. Determined by each participating bank or financial institution.

Investment Options

Age-based investment options:

None.

Static investment options:

Bank, savings and loan or credit-union issued deposit accounts, insured up to allowable limits by the FDIC or NCUA, respectively.

Underlying investments:

Bank, savings and loan or credit-union issued deposit accounts, insured up to allowable limits by the FDIC or NCUA, respectively.

Portfolio Fees & Performance Lookup

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Fees & Expenses

Enrollment or application fee:

Fees set by participating banks or financial institutions.

Account maintenance fee:

Fees set by participating banks or financial institutions.

Program management fees:

0.10% state administrative fee is included in the bank or financial institution fees.

Total asset-based expense ratio:

Not applicable, interest rates are established by the participating bank or financial institution.

Taxes and other Benefits

Program match on contributions:

None.

State tax deduction or credit for contributions:

Contributions to a Virginia 529 plan of up to $4,000 per account per year are deductible in computing Virginia taxable income, with an unlimited carryforward of excess contributions. Contributions are fully deductible in the year of contribution for taxpayers at least 70 years of age. Contributions from a non-owner are deductible by the account owner and not by the non-owner/contributor. Contribution deadline is receipt (not postmark date) by the last business day of the year based on agency calendar.

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 Virginia taxable income to the extent of prior Virginia 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.

State tax treatment of qualified distributions:

Qualified distributions from Virginia and non-Virginia 529 plans are exempt. Virginia also exempts distributions from a Virginia 529 plan attributable to the beneficiary's death, disability, or receipt of a scholarship.

State tax treatment of rollovers:

Virginia 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?

No

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?

No

Statutory protection of an account from creditors:

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Distributions & Terminations

To whom are distributions made payable:

Account owner, beneficiary, eligible educational institution or other third party at bank's or financial institution's option.

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?

Depends on procedures and policies of the participating bank or financial institution.

Can the complete enrollment process including funding be done online?

Depends on procedures and policies of the participating bank or financial institution.

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

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Contact

Web site:

visit Enroll Now

Telephone:

1-888-567-0540

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