529 PLANS

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Plan The Vanguard 529 College Savings Plan
Nevada
Enroll Now New York's 529 College Savings Program -- Direct Plan
New York
Enroll Now
Summary: The Vanguard 529 College Savings Plan, offered by Nevada, is available to residents of any state, and offers low costs, experience and easy-to-manage savings options. New York's direct-sold 529 college savings plan is available to residents of any state. It offers low fees and diverse investment options featuring Vanguard mutual funds. New York residents may enjoy a state tax deduction for contributions to the plan.
Program type: Savings Savings
How to enroll: Enroll directly with the program. Enroll directly with the program.
Initial year of operation: 2002 1998, but substantially changed in November 2003
State agency(ies): Board of Trustees of the College Savings Plans of Nevada Office of the State Comptroller and the New York State Higher Education Services Corporation
Program manager: Ascensus Broker Dealer Services, Inc. Ascensus College Savings
Program distributor: Vanguard Marketing Corporation Vanguard Marketing Corporation
State residency requirements: None None
Who can be a participant/owner in the program? U.S. citizens and resident aliens at least 18 years old and UGMA/UTMA custodians. U.S. citizens and resident aliens including minors, UGMA/UTMA custodians, and legal entities.
Significant time or age restrictions imposed by the program: None None
Maximum contributions: Accepts contributions until all account balances in Nevada's 529 plans for the same beneficiary reach $500,000. Accepts contributions until all account balances in New York's 529 plans for the same beneficiary reach $520,000.
Minimum contributions: The minimum initial contribution is $3,000 or $50 through an employer automatic investment plan. The minimum initial contribution for Nevada residents is $1,000 or $50 through employer automatic investment. The minimum subsequent contribution is $50. No minimum.
Age-based investment options: The Age-Based Option offers a choice among 3 different risk levels (Aggressive, Moderate, or Conservative) each containing 12 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the selected risk level and number of years to expected enrollment, and later reassigned to more conservative portfolios as the beneficiary approaches college age. The Age-Based Option offers a choice among 3 different risk levels (Aggressive, Moderate, or Conservative) each containing 9 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the selected risk level and beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
Static investment options: Select among 15 multi-fund portfolios and 15 individual-fund portfolios. Select among 5 multi-fund portfolios (Aggressive Growth, Growth, Moderate Growth, Conservative Growth, and Income), 7 individual fund portfolios, and the Interest Accumulation portfolio.
Underlying investments: Vanguard mutual funds. Vanguard mutual funds.
Enrollment or application fee: None. None.
Account maintenance fee: None None.
Program management fees: 0.11% to 0.19% 0.13% manager fee; fee includes underlying fund expenses.
Expenses of the underlying investments: Not applicable, 0.03% in the age-based portfolios; 0.03% to 0.07% in the static blend portfolios; and 0.02% to 0.32% in the individual portfolios. Not applicable, included in the program management fee.
Total asset-based expense ratio: 0.15% - 0.44% 0.13%
Program match on contributions: None. None.
State tax deduction or credit for contributions: Not applicable. Nevada does not have a personal income tax. Contributions to a New York 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing New York taxable income. Only contributions made by the account owner, or if filing jointly, by the account owner's spouse, are deductible. Contribution deadline is December 31 postmark.
State tax recapture provisions:   The principal portion of rollovers and nonqualified withdrawals from this plan are subject to New York tax to the extent of prior New York tax deductions, but only after removal of non-deducted contributions. A rollover for this purpose does not include a trustee-to-trustee transfer between two different accounts in New York's 529 plan.
State definition of qualified expenses The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, as well as up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. The state's definition of qualified education expenses currently includes expenses for attendance at an institution of higher education as defined by the Internal Revenue Code and its regulations addressing qualified state tuition programs. This does not include tuition for elementary or secondary education.
State tax treatment of qualified distributions: Not applicable. Nevada does not have a personal income tax. Qualified distributions from New York and non-New York 529 plans (via conformity to the federal tax exclusion) are exempt.
State tax treatment of rollovers:   New York follows tax-free treatment for rollovers except that, according to a New York State Dept. of Taxation and Finance interpretation, a rollover out of a New York 529 plan is treated as a nonqualified withdrawal. A direct trustee-to-trustee rollover between two New York 529 accounts is not treated as a nonqualified withdrawal for this purpose.
Does the sponsoring state exclude the value of an account for state financial aid purposes? No Yes
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions? No 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. 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.
To whom are distributions made payable: Eligible educational institution, beneficiary, or account owner, as directed by the account owner. Choice of account owner, beneficiary, or eligible educational institution; if the institution, then the withdrawal amount is first directed to the NY Higher Education Services Corp. and then paid to the institution from HESC.
Policy regarding participant/owner changes: Accepts requests to transfer account ownership. Accepts requests to transfer account ownership.
Does participant have online password-protected access to account? Yes Yes
Can the complete enrollment process including funding be done online? Yes Yes
Website: Click here to visit Click here to visit
Telephone: 1-866-734-4530 1-877-697-2837
Twitter   ny529direct
 

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