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SMART529 Prepaid Tuition Plan
The West Virginia SMART529 Prepaid Tuition Plan has stopped accepting new enrollments and its future has not been settled. West Virginia also offers three 529 savings plans, the SMART529 Direct, SMART529 Select and The Hartford SMART529 plans.
- Program typePrepaid contract
- Enrollment periodClosed to new enrollment.
- State agencyState Treasurer's Office under the authority of the West Virginia College Prepaid Tuition and Savings Program Board of Trustees
- 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 owner or beneficiary must be a West Virginia resident at the time of purchase.
Who can be a participant/owner in the program?Individuals at least 18 years old and approved legal entities.
Significant time or age restrictions imposed by the program:The beneficiary must be in the 9th grade or below at the time of enrollment. Contract benefits must be used within 10 years after the beneficiary's projected college entrance date.
Minimum contributions:UNLOCK PRO
Contract prices:No longer accepting new enrollments.
Available tuition packages:One to ten semester units (up to 5 years) of in-state undergraduate tuition and mandatory fees at a WV public institution
Benefits for beneficiary attending private or out-of-state institution:Contract benefit value is based on the current tuition value which is the weighted average tuition and mandatory fees at WV public institutions
Contract payment options:No longer accepting new enrollments
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, a prepaid tuition escrow account exists to guarantee payment of prepaid tuition contracts; up to $1,000,000 annually is transferred to the escrow account from the state's unclaimed property fund if an unfunded liability exists in the program's trust fund.
Fees & Expenses
Enrollment or application fee:None.
Taxes and other Benefits
- Tax deduction for single filersNo limit
- Tax deduction for joint filersNo limit
Married filing jointly residents contributing $100/month can expect an additional $0 a year in tax savings.