You've Got Great Plans For Your Child.
So do we.
The College Savings Plans of Maryland offer a variety of ways to help realize you and your child’s dream of affording college. Whatever they’ll eventually grow up to be: a lawyer, architect, writer or teacher, saving for college is an important first step in making it happen. The College Savings Plans of Maryland provide flexible and affordable plans to help Maryland families save for future college expenses and reduce dependence on student loans and other forms of debt.
The College Savings Plans of Maryland is an independent State agency that created two plans to fit your needs:
- The Maryland Prepaid College Trust, which first opened for enrollment in 1998; and
- The Maryland College Investment Plan, which launched in 2001 and is managed and distributed by T. Rowe Price, a leader in no-load mutual funds.
Both plans are administered by the College Savings Plans of Maryland Board, which includes 10 members, half of whom are State officials and the other half of whom are public members appointed by Maryland’s Governor.
Both plans are 529 plans, named after the section of the Internal Revenue Code that permits states to establish and administer tax-advantaged college saving plans. Each has its own set of features and benefits, and both offer generous federal and Maryland State tax incentives. Also, students may use their account at nearly any accredited college nationwide.
In reviewing our web site, you’ll find a lot of important information to help you develop a plan for college savings. Just know we’re here to help.