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Maryland 529 -- Maryland Senator Edward J. Kasemeyer Prepaid College Trust
The Maryland 529 -- Prepaid College Trust offers a variety of tuition packages to Maryland and District of Columbia families.
- Program typePrepaid contract
- Enrollment periodDecember 1, 2018 through May 31, 2019. Year round for newborns.
- State agencyMaryland 529
- Tax deduction
Ratings & Rankings
Our overall rating for non-residents
This program is not open to you either because it has residency requirements or because it has stopped accepting new enrollments.
State residency requirements:The account holder or beneficiary must be a Maryland or District of Columbia resident at the time of program enrollment.
Who can be a participant/owner in the program?U.S. citizens and resident aliens, UGMA/UTMA custodians, and legal entities organized in the U.S.
Significant time or age restrictions imposed by the program:Beneficiaries must be in the 12th grade or younger at the time of program enrollment and must be enrolled for at least 3 years before they are eligible to receive tuition benefits. Benefits must start to be used within 10 years after the beneficiary's projected date of high school graduation, not including years spent in the U.S. military.
Minimum contributions:UNLOCK PRO
Contract prices:Prices for contracts purchased during the 2018-19 enrollment period range from as little as $5,099 for a one-year community college contract for a newborn to as much as $49,226 for a four-year university contract for a child in the ninth through twelfth grades.
Available tuition packages:One semester to four years at a Maryland public 4-year university, one or two years at a Maryland community college or a community/university combination (2 years of each).
Benefits for beneficiary attending private or out-of-state institution:The plan will pay the actual tuition up to either the weighted average tuition in the Prepaid College Trust plan purchased or the minimum benefit, whichever is greater. If the beneficiary receives a scholarship, grant, or tuition remission, the plan will pay any remaining tuition up to the scheduled benefit.
Contract payment options:Lump sum, annual, monthly, and extended monthly installments with a downpayment option. The first payment for contracts purchased during the 2018-19 enrollment is due August 1, 2019.
Are program benefits backed by the full faith and credit of the state?No
Are program benefits collateralized or guaranteed in any other way?Yes, the legislature is required to consider, but not necessarily approve, an appropriation to cover any shortfall, repayable within two years.
Fees & Expenses
Enrollment or application fee:$75 paper application or $50 with online application, reduced to $20 when purchasing additional years of tuition for the same beneficiary or enrolling a beneficiary with an account in the Maryland College Investment Plan.
Taxes and other Benefits
- Tax deduction for single filers$2,500/yr
- Tax deduction for joint filers$5,000/yr
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.