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Plan TD Ameritrade 529 College Savings Plan
Nebraska
Utah Educational Savings Plan (UESP)
Utah
Direct Portfolio College Savings Plan
Colorado
Scholars Choice College Savings Program
Colorado
Smart Choice College Savings Plan
Colorado
Summary: Nebraska's TD Ameritrade 529 College Savings Plan is very similar to The Nebraska Education Savings Trust, but is offered through discount broker TD Ameritrade at a slightly higher cost than the direct-sold Nebraska plan. The Utah Educational Savings Plan (UESP) state-administered 529 savings program utilizes Vanguard and Dimensional mutual funds, the State Treasurer's fixed-income fund, and an FDIC-insured account in its five different age-based options and nine static portfolio options. The team of Ascensus Broker Dealer Services, Inc. and The Vanguard Group manages the Colorado Direct Portfolio College Savings Plan. It features age-based and static portfolio options utilizing Vanguard mutual funds. Accounts can be linked to the Upromise rewards service. The Colorado Scholars Choice College Savings Program, a Legg Mason-managed 529 savings program is sold exclusively through advisors. It features a lineup of age-based and static portfolio options utilizing funds managed by Legg Mason affiliates and Thornburg. 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.
Program type: Savings Savings Savings Savings Savings
How to enroll: Enroll through TD Ameritrade. Enroll directly with the program. Enroll directly with the program. Enroll through a financial advisor. Enroll directly with the program.
Initial year of operation: 2010 1996 2004 1999 2009
State agency(ies): Nebraska State Treasurer Utah Higher Education Assistance Authority CollegeInvest, a division of the Colorado Department of Higher Education CollegeInvest, a division of the Colorado Department of Higher Education CollegeInvest, a division of the Colorado Department of Higher Education
Program manager: First National Bank of Omaha Utah Higher Education Assistance Authority Ascensus Broker Dealer Services, Inc. and The Vanguard Group, Inc. Legg Mason, Inc. FirstBank Holding Company
Program distributor: TD Ameritrade, Inc. Not applicable. Vanguard Marketing Corporation Legg Mason Investor Services, LLC FirstBank through its individually chartered banks.
State residency requirements: None None None None None
Who can be a participant/owner in the program? U.S. resident individuals with a valid Social Security number or taxpayer ID number, UGMA/UTMA custodians, legal entities. Individuals at least 18 years old, UGMA/UTMA custodians, and legal entities. U.S. citizens or resident aliens, trusts, 501(c)(3) organizations, and local governments. U.S. resident individuals, UGMA/UTMA custodians, legal entities. U.S. citizens and resident aliens including UGMA/UTMA custodians.
Significant time or age restrictions imposed by the program: None None. The requirement that distributions begin by a certain age or date was removed in 2008. None None None, except the One-Year Time Savings Account option is subject to early withdrawal penalties.
Maximum contributions: Accepts contributions until all account balances in Nebraska's 529 plans for the same beneficiary reach $360,000. Accepts contributions until all account balances in Utah's 529 plan for the same beneficiary reach $397,000. Accepts contributions until all account balances in Colorado's 529 plans for the same beneficiary reach $350,000. Accepts contributions until all account balances in Colorado's 529 plans for the same beneficiary reach $350,000. Accepts contributions until all account balances in Colorado's 529 plans for the same beneficiary reach $350,000.
Minimum contributions: No minimum. No minimum. The minimum initial contribution is $25, and the minimum subsequent contribution is $15. The minimum initial contribution is $250, and the minimum subsequent contribution is $50. The minimum is waived for employer-sponsored arrangements. The $250 minimum initial contribution is also waived with the establishment of periodic automatic funds transfer of $50 or greater. No minimum.
Age-based investment options: The Age-Based Portfolios option offers a choice among 4 different risk levels (Aggressive, Growth, Index, and 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. Four age-based investment options, with different underlying investments and risk levels, are offered. Contributions are allocated among the underlying investments according to the option selected and the age of the beneficiary, and are reallocated to become more conservative as the beneficiary approaches college age. A fifth, the Customized Age-Based investment option allows for a customized account asset allocation from as many as 22 underlying investments, and automatically reallocates to a new customized underlying investment allocation each time the beneficiary's age qualifies for the next of seven possible age brackets. The Age-Based option is offered in 3 different risk levels (Aggressive, Moderate, and Conservative) each containing 4 or 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the risk level selected and the number of years to expected enrollment, and later reassigned to more conservative portfolios as the beneficiary approaches college age. The Age-Based and Years to Enrollment options contain up to 7 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary's age, or number of years to expected enrollment, and later reassigned to more conservative portfolios as the beneficiary approaches college age. None.
Static investment options: Select among 3 static investment portfolios with varying risk tolerances and 17 individual-fund portfolios. Eight static investment options are offered, allowing selection among one individual-fund index portfolio, one fixed income multi-fund portfolio, four equity-index multi-fund portfolios, an FDIC-insured account held in trust by UESP at Sallie Mae Bank and U.S. Bank National Association (U.S. Bank), and the State Treasurers' Investment Fund (one for Non-Utah residents and one for Utah residents). A ninth, the Customized Static Option, allows for a customized mix of investments using as many as 22 underlying fund choices. Select among 5 multi-fund portfolios with varying risk tolerances and 3 individual-fund portfolios. Select among 11 investment options: 5 individual fund portfolios and six static options. The static options consist of 5 multi-fund portfolios (Balanced 50/50, All Equity, All Fixed Income, Equity 80%, and Fixed Income 80%), and the Cash Reserve Option. 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.
Underlying investments: Vanguard, American Century, iShares, State Street, Tributary, T. Rowe Price, Goldman Sachs, and PIMCO mutual funds. 16 Vanguard mutual funds, six Dimensional mutual funds, FDIC-insured accounts held in trust by UESP at Sallie Mae Bank and U.S. Bank National Association (U.S. Bank, and the Utah Public Treasurers' Investment Fund. Vanguard mutual funds. Legg Mason Capital Management, ClearBridge Advisors, Batterymarch, Royce & Associates, Brandywine, Thornburg, and Western Asset Management. FDIC-insured bank deposit accounts with FirstBank. FDIC insurance is subject to limitations.
Enrollment or application fee: None. None. None. None, but contributions may be subject to a sales charge depending on share class. None.
Account maintenance fee: None. $3 per $1,000 of account balance up to a maximum of $15 annually. Fee is waived for Utah residents and for non-Utah residents who agree to electronic delivery of quarterly account statements. $20 for accounts with less than $10,000, waived for Colorado residents and for accounts opting to receive all documents electronically. $20 annual fee, waived for account owners or beneficiaries who are Colorado or Wyoming residents (with account established prior to December 1, 2011 for Wyoming resident) and for accounts with at least $2,500. None.
Program management fees: 0.27% manager fee, plus a distribution fee of 0.19% and a 0.03% fee to the state. Ranges from 0.14% to 0.20%, except the State Public Treasurers' Investment Fund and the FDIC-Insured option incur no additional expenses. 0.39% manager fee; fee includes underlying fund expenses and a 0.06% fee to the state.
CollegeInvest may charge an administrative fee of up to 0.10%. Effective September 1, 2011, 0.04% of the manager fee was waived for a net fee of 0.06%. CollegeInvest will periodically reevaluate the 0.06% administrative fee rate and raise or lower it not to exceed 0.10%.
0.10% administrative fee (0.04% waived commencing September 1, 2011) to the state plus distribution/servicing fees of 0.25% (Class A), 0.95% (Class B), 0.75% (Class C), 0.00% (Class O); 1.09% combined fee for the Cash Reserve option includes underlying fund expenses. None. (FirstBank pays Colorado CollegeInvest an administrative fee of 0.10% of assets.)
Expenses of the underlying investments: Ranges from 0.06% to 0.19% (portfolio weighted average) in the age-based and static multi-fund portfolios, and from 0.0175% to 0.99% in the individual-fund portfolios. Ranges from 0.012% to 0.054%, except the State Public Treasurers' Investment Fund and the FDIC-Insured option incur no additional expenses. Not applicable, included in the program management fee. Ranges from 0.29% to 0.87% (portfolio weighted average) in the age-based and static multi-fund portfolios; 0.61% to 1.29% in the individual portfolios. Not applicable.
Total asset-based expense ratio: 0.51% - 1.48% 0.160% - 0.224% (Utah residents 0.000% - 0.224%) for UESP investment options excluding the Customized Age-Based and the Customized Static options. The Customized Static and Age-Based options range is 0.200% - 0.615%, depending on the investment mix selected by the account owner. 0.39% Class A: 0.64% - 1.64%
Class B: 1.09% - 2.34%
Class C: 1.09% - 2.14%
Class O: 1.09%
Cash Reserve Option: 1.09%
Note: Expenses are 0.04% less commencing September 1, 2011 due to temporary state fee waiver.
None.
Program match on contributions: None. The Fast Forward Matching Program provides an annual match of up to $400 in contributions per beneficiary for eligible Utah families. Participation is subject to income limits, age requirements, and funds availability. 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. 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. 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.
State tax deduction or credit for contributions: Contributions to a Nebraska 529 plan of up to $10,000 per year for single taxpayers and married taxpayers filing jointly, and up to $5,000 per year for married taxpayers filing separately, are deductible in computing Nebraska taxable income. Contributions made by the account owner or parents or guardians of UTMA/UGMA accounts are deductible. Contribution deadline is December 31 postmark. Contributions to the Utah 529 plan of up to $1,860 in 2014 per beneficiary by an individual, and up to $3,720 in 2014 per beneficiary by a married couple filing jointly, are eligible for a 5% credit against Utah income tax. The maximum credit in 2014 is $93 per beneficiary for single taxpayers and $186 per beneficiary for joint filers. The credit limits are increased each year for inflation, but not decreased for deflation. Contributions to an account established after a beneficiary reaches age 19 are not eligible. Contributions from a non-owner are creditable by the account owner and not by the non-owner/contributor. Contribution deadline is receipt by the last business day of the year. 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. 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. 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.
State tax recapture provisions: The principal portion of rollovers and nonqualified withdrawals from this plan are included in Nebraska taxable income to the extent of prior Nebraska tax deductions. The principal portion of rollovers and nonqualified withdrawals from this plan are included in Utah taxable income to the extent of prior Utah tax deductions or Utah tax credits. Nonqualified withdrawals for this purpose do not include withdrawals eligible for federal penalty waiver. 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. 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. 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.
State tax treatment of qualified distributions: Qualified distributions from Nebraska and non-Nebraska 529 plans are exempt. Qualified distributions from Utah and non-Utah 529 plans are exempt. Qualified distributions from Colorado and non-Colorado 529 plans are exempt. Qualified distributions from Colorado and non-Colorado 529 plans are exempt. Qualified distributions from Colorado and non-Colorado 529 plans are exempt.
State tax treatment of rollovers: Nebraska follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions. Utah follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions or tax credits. Colorado follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions. Colorado follows federal tax-free treatment except that outbound rollovers are subject to the recapture of prior state tax deductions. Colorado 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 No No No No
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions? No No, except that for accounts opened before May 5, 2008, beneficiaries may receive in-state tuition at an eligible Utah school if they held a UESP account and lived in Utah for eight consecutive years prior to moving out of state. No No No
Does the program have a formal agreement with a rewards program or outside scholarship program? No No Yes, with the Upromise rewards service. No No
To whom are distributions made payable: Eligible educational institution, beneficiary, or account owner, as directed by the account owner. Eligible educational institution, beneficiary, or account owner, as directed by the account owner. Eligible educational institution, beneficiary, or account owner, as directed by the account owner. Eligible educational institution, beneficiary, or account owner, as directed by the account owner Eligible educational institution, beneficiary, or account owner, as directed by the account owner.
Policy regarding participant/owner changes: Accepts requests to transfer account ownership. Accepts requests to transfer account ownership. Accepts requests to transfer account ownership. Accepts requests to transfer account ownership. Accepts requests to transfer account ownership.
Does participant have online password-protected access to account? Yes Yes Yes Yes Yes
Can the complete enrollment process including funding be done online? No Yes Yes No Yes
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Telephone: 1-877-408-4644 1-800-418-2551 1-800-997-4295 1-888-572-4652 1-800-964-3444
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