Smart Saving for College

College Savings Options

 

College Savings Plan Comparison Chart


Prepaid Tuition Plan College Savings Plan
Most plans allow you to prepay tuition at eligible public and private colleges and universities at today's price. No lock on college costs.
All plans cover tuition and mandatory fees. A few plans allow you to purchase a room and board option, use excess tuition credits for other qualified expenses or cover all qualified education expenses. Covers all "qualified higher education expenses," including:
  • Tuition
  • Room and board
  • Mandatory fees
  • Books, computers (if required)
Most plans set lump sum and installment payments prior to purchase based on age of beneficiary and college tuition years purchased. Many plans have contribution limits in excess of $200,000.
Many state plans guaranteed or backed by state. No state guarantee. Most investment options are subject to market risk. Your investment may make no profit or even decline in value.
Some state plans have age/grade limits for beneficiaries. No age limit. Open to adults and children.
Most state plans require either plan owner or beneficiary to be a state resident at the enrollment time. Most plans do not have a residency requirement. However, nonresidents may only be able to purchase some plans through financial advisers or brokers.
Most plans have limited enrollment period. Enrollment open all year.

spacer image