General InformationDownload PDF Report
Virginia's CollegeAmerica is an advisor-sold 529 plan that makes available a line-up target date fund portfolios, multi-fund portfolios, individual fund portfolios from American Funds through Class 529-A, 529-C, 529-E and 529-F-1 shares. To find a financial advisor in your area, use the Directory of Financial Professionals.
- Program typeSavings
- State agencyVirginia529
- Program ManagerAmerican Funds Service Company, American Funds Distributors, and Capital Research and Management Company
- Program distributorAmerican Funds Distributors
- Manager contract termUNLOCK PRO
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.
Each plan's performance score is developed directly from Savingforcollege.com's Quarterly 529 Performance Rankings. A 529 savings plan must have at least one year of performance history before they will be assigned a 5-cap rating. For those plans that are not part of our quarterly performance rankings, such as plans offering a single set of bank-based investment options, we assign a performance score by evaluating the returns currently available on similar types of investments outside of 529 plans.
State residency requirements:None
Who can be a participant/owner in the program?U.S. citizens and resident aliens, UGMA/UTMA custodians, and legal entities.
Significant time or age restrictions imposed by the program:The account must be used within 30 years after the beneficiary graduates from high school or within 30 years after opening the account, whichever is later.
Maximum contributions:Accepts contributions until all account balances in Virginia's 529 plans for the same beneficiary reach $500,000.
Minimum contributions:The minimum initial contribution is $250 per fund ($1,000 for U.S. Government Money Market Fund), and the minimum subsequent contribution is $50 per fund. For an employer-sponsored program, the minimum contributions are $25 per fund.
Age-based investment options:The Target-Based Portfolios contain 7 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment based on the age of the beneficiary or as selected by the account owner. As each fund approaches its target date, it will increasingly emphasize income and preservation of capital by investing a greater portion of its assets in bond, equity-income and balanced funds, eventually investing principally in fixed-income funds and merging into the College Enrollment portfolio.View more age-based investment options
Static investment options:Select among various multi-fund objective based portfolios, U.S. Government Money Market or individual mutual funds from American Funds.View more static investment options
Underlying investments:American Funds mutual funds.View a full list of this plan's investment options
Underlying fund allocations:UNLOCK PRO
Portfolio Fees & Performance LookupUNLOCK PRO
Fees & Expenses
Enrollment or application fee:None, but contributions may be subject to a sales charge depending on share class.
Account maintenance fee:None.
Program management fees:None (State administrative effective rate* of 0.07% is included in the underlying fund expenses.
*Calculation is based on the breakpoint schedule per the program description.)
Expenses of the underlying investments:Ranges from 0.48% to 1.39% for Class 529-A, 0.48% to 2.13% for Class 529-C, 0.47% to 1.55% for Class 529-E, and 0.41% to 1.12% for Class 529-F-1.
Total asset-based expense ratio:Class 529-A: 0.48% - 1.39%
Class 529-C: 0.48% - 2.13%
Class 529-E: 0.47% - 1.55%
Class 529-F-1: 0.41% - 1.12%
Broker loads and commissions:UNLOCK PRO
Breakpoint pricing:UNLOCK PRO
Does breakpoint pricing include non-529 assets under rights of accumulation policiesUNLOCK PRO
Taxes and other Benefits
- Tax deduction for single filers$4,000/yr
- Tax deduction for joint filers$4,000/yr
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.