Virginia 529 plan becomes first to top $100 billion mark

Virginia College Savings Plan, Richmond, became the first program of its type to reach the milestone of $100 billion in assets. The program known as Virginia529 had $100.2 billion in assets as of June 30.

The program consists of adviser-sold program CollegeAmerica, which is managed by Capital Group Cos. and had about $89.7 billion in assets as of June 30; direct-sold program Invest529 with $7.5 billion in assets; and the legacy prepaid tuition program Prepaid529 with $3 billion in assets, said CEO Mary Morris.

Virginia529 was launched in 1996, and as the program marks its 25th anniversary, CEO Mary Morris said the $100 billion milestone is meaningful because it represents how much families have come to understand the value of education and funding for it, even during tough times like the pandemic.
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