General InformationDownload PDF Report
Private College 529 Plan
Formerly known as Independent 529 Plan, the Private College 529 Plan is the only private-college-run 529 plan in the country, this prepayment program allows families to lock in tuition at any of nearly 300 participating private colleges.
- Program typeInstitutional prepaid contract
- Enrollment periodOpen year-round
- State agencyThis is not a state-sponsored program. The sponsor is Tuition Plan Consortium LLC (TPC), a non-profit membership organization comprised of participating colleges and universities. TPC is responsible for the Plan design, qualification under Section 529, oversight of the Program Trust, and administration of the Plan. TPC is authorized to appoint the trustee of the qualified trust that is required to be established under the Plan. TPC has appointed OFI Trust Company as Program Trustee to provide trust services. TPC also is authorized under the Plan documents to engage service providers to perform certain functions on its behalf and has engaged OFI Private Investments Inc. as Program Manager to provide certain services. Distribution services for the Plan are provided by OppenheimerFunds Distributor, Inc., an affiliate of the Program Manager.
- Tax deduction
- Program ManagerOFI Private Investment Inc.
Ratings & Rankings
Our overall rating for non-residents
This is an excellent program with many benefits for the participant and positive investment attributes. If it has any significant weaknesses then it also has some particularly good things to recommend it.
State residency requirements:None
Who can be a participant/owner in the program?Individuals at least 18 years old, UGMA/UTMA custodians, and legal entities.
Significant time or age restrictions imposed by the program:A minimum of 36 months must lapse between the initial purchase date of a Tuition Certificate and its first redemption. A Tuition Certificate must be used by the 30th anniversary of its purchase or it will be cancelled for the refund amount. A refund may be requested only after 12 months have expired since the initial purchase date.
Did you know?
529 plan contributions grow tax-free.
Withdrawals are tax-free when used to pay for qualified higher education expenses.
You can contribute as much as you want, as often as you want.
The key is to get started. Enroll today by completing a quick form online.
Contract prices:Ranges from a minimum of $25 to as much as the cost of five years of undergraduate tuition and mandatory fees at the highest-cost participating institution ($285,030 for the 2018-19 year). An automatic contribution plan is available.
Available tuition packages:A Tuition Certificate is issued for each program year based on all payments made for the beneficiary during that program year. Total Tuition Certificates may not exceed five years of undergraduate tuition and mandatory fees at a participating institution. Tuition Certificates may be redeemed for a pre-determined percentage of tuition at any of nearly 300 participating institutions. The particular college to be attended does not have to be identified at the time of certificate purchase. Private College 529 Plan continually recruits new colleges into the program, and any college coming in must agree to accept Tuition Certificates from existing participants.
Benefits for beneficiary attending private or out-of-state institution:Refunds for any reason (including attendance at a non-participating institution) provides a return of contributions adjusted by program fund investment performance not to exceed plus-or-minus 2% annualized.
Contract payment options:Lump sum, automatic bank transfers, or payroll deduction.
Are program benefits backed by the full faith and credit of the state?N/A, not a state-sponsored program; however, each participating institution makes a binding commitment to accept Tuition Certificates in payment of tuition and mandatory fees. Payments received by the program are pooled in a trust fund with investments managed by OFI Private Investments, Inc.
Are program benefits collateralized or guaranteed in any other way?No
Fees & Expenses
Enrollment or application fee:None.
Taxes and other Benefits
- Tax deduction for single filersNone
- Tax deduction for joint filersNone
State tax not applicable. Not a state-sponsored program
Program match on contributions:UNLOCK PRO
State tax deduction or credit for contributions:Not applicable.
State tax treatment of qualified distributions:Not applicable. Not a state-sponsored program.
Does the sponsoring state exclude the value of an account for state financial aid purposes?Not applicable. Not a state-sponsored program
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?Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.
Statutory protection of an account from creditors:UNLOCK PRO
Did you know?
Residents are not limited to investing in their own state's 529 plan.
Another state may offer a plan that performs better and has lower fees.
The 529 plan chosen does not affect which state the student enrolls in.
You can live in New York, open a plan from Nevada and send a student to college in Florida.
The best way to maximize your college savings?
Start early and save often. You can get started today with easy online enrollment.