Alyssa Powell/Insider
- A 529 plan is a tax-advantaged account that lets parents invest for their child's college expenses, and the plans vary by state.
- While each state manages its own plans, most states also allow out-of-state residents to contribute.
- Each plan has varying fees, contribution limits, and tax perks.
What is a 529 plan?
You can invest in 529 plans to save toward educational expenses like tuition, books and supplies, and other college/university costs. These tax-advantaged accounts are like custodial investment accounts since they let parents or guardians invest on the behalf of children.
While they have contribution limits, your investment earnings grow tax-free, and you can make tax-free withdrawals whenever you need to.
The difference between 529 plans and custodial accounts, however, is that 529 plans are reserved strictly for secondary education. Plus, while 529 plan benefits vary by state (i.e., states have different, annual fees, maximum contribution limits and tax deduction limits), you can invest in another state's 529 plan as long as it doesn't require state residency.
However, there are generally two different types: direct-sold and broker-sold. You can purchase direct-sold 529 plans through investment platforms like Fidelity and other online brokerages. Broker-sold 529 plans are offered by advisors and typically cost more.
Below is a list of direct-sold 529 plans by state:
Alabama - District of Columbia
| STATE* | PLAN | MIN. CONTRIBUTION | FEES | MAXIMUM CONTRIBUTION |
| Alabama | CollegeCounts 529 Fund | $0 | None | $475,000 |
| Alaska | Alaska 529 | $0 | None | $475,000 |
| Arizona | AZ529 | $0 | None | $519,000 |
| Arkansas | Arkansas Gift College Investing Plan | $25 | None for in-state residents; $20 for out-of-state residents | $500,000 |
| California | Scholarshare 529 | $0 | None | $529,000 |
| Colorado | CollegeInvest Direct Portfolio College Savings Plan | $25 | $0 in-state residents; $20 out-of-state residents | $500,000 |
| Connecticut | Connecticut Higher Education Trust | $0 | None | $300,000 |
| Delaware | DE529 | $0 | None | $350,000 |
| District of Columbia | DC College Savings Plan | $25 | $10 in-state residents; $15 out-of-state residents | $500,000 |
*None of the states above require you to be a state resident to open a 529 plan.
Florida - Kentucky
| STATE | PLAN | MIN. CONTRIBUTION | FEES | MAX.CONTRIBUTION |
| Florida* | Florida 529 Savings Plan | $0 | None | $418,000 |
| Georgia | Path2College 529 Plan | $25 | None | $235,000 |
| Hawaii | Hawaii's College Savings Program | $15 | $0 in-state residents; $20 out-of-state residents | $305,000 |
| Idaho | Idaho College Savings Progam | $25 | $0 in-state residents; $20 out-of-state residents | $500,000 |
| Illinois | Bright Start College Savings Program | $0 | None | $450,000 |
| Indiana | CollegeChoice 529 Direct College Savings Plan | $10 | $0 in-state residents; $20 out-of-state residents | $450,000 |
| Iowa | College Savings Iowa | $25 | None | $420,000 |
| Kansas | Learning Quest 529 Education Savings Program | $0 | None | $450,000 |
| Kentucky | KY Saves 529 | $25 | None | $350,000 |
*Florida only accepts state residents for its 529 plan. The plan beneficiary must have been a Florida resident for 12 months prior to enrollment.
Louisiana - Nebraska
| STATE | PLAN | MIN. CONTRIBUTION | FEES | MAX.CONTRIBUTION |
| Louisiana* | Start Saving program | $0 | None | $500,000 |
| Maine | NextGen 529 | $25 | None | $500,000 |
| Maryland | Maryland Senator Edward J. Kasemeyer College Investment Plan | $25 | None | $500,000 |
| Massachusetts | U.Fund College Investing plan | $0 | None | $500,000 |
| Michigan | Michigan Education Savings Program | $25 | None | $500,000 |
| Minnesota | Minnesota College Savings Plan | $25 | None | $425,000 |
| Mississippi | Mississippi Affordable College Savings Program (MACS) | $25 | $20 | $235,000 |
| Missouri | MOST - - Missouri's 529 Education Plan | $0 | None | $550,000 |
| Montana | Achieve Montana | $25 | $0 in-state residents; $25 out-of-state residents | $396,000 |
| Nebraska | NEST Direct College Savings Plan | $0 | None | $500,000 |
*You can only open a Louisiana 529 plan if you're a state resident.
Nevada - Oregon
| STATE | PLAN | MIN. CONTRIBUTION | FEES | MAX.CONTRIBUTION |
| Nevada | SSGA Upromise 529 Plan | $15 | $0 in-state residents; $20 out-of-state residents | $500,000 |
| New Hampshire | Unique College Investing Plan | $0 | None | $542,000 |
| New Jersey | NJBEST 529 College Savings Plan | $25 | $0 in-state residents; $25 out-of-state residents | $305,000 |
| New Mexico | The Education Plan | $0 | None | $500,000 |
| New York | New York's 529 College Savings Program | $0 | None | $520,000 |
| North Carolina | National College Savings Program | $25 | None | $500,000 |
| North Dakota | College SAVE | $25 | $0 in-state residents; $20 out-of-state residents | $269,000 |
| Ohio | Ohio's 529 CollegeAdvantage | $25 | None | $501,000 |
| Oklahoma | Oklahoma College Savings Plan | $25 | None | $300,000 |
| Oregon | Oregon College Savings Plan | $25 | None | $400,000 |
*You can only open a New Jersyey 529 plan if you're a state resident.
Pennsylvania - Washington
| STATE | PLAN | MIN. CONTRIBUTION | FEES | MAX.CONTRIBUTION |
| Pennsylvania | Pennsylvania 529 Investment Plan | $1 | $10 | $511,758 |
| Rhode Island | CollegeBound Saver | $0 | None | $520,000 |
| South Carolina* | Future Scholar | $0 | None | $520,000 |
| South Dakota* | CollegeAccess 529 | $250 | $20 | $350,000 |
| Tennessee | TNStars College Savings 529 Program | $25 | None | $350,000 |
| Texas | Texas College Savings Plan | $25 | None | $370,000 |
| Utah | my529 | $0 | None | $525,000 |
| Vermont | VT529 | $25 | $10 | $352,800 |
| Virginia | Invest529 | $10 | None | $500,000 |
| Washington | DreamAhead College Investment Plan | $25 | $30 | $500,000 |
*You can only open a South Carolina or South Dakota 529 if you're a state resident.
West Virginia - Wyoming
| STATE | PLAN | MIN. CONTRIBUTION | FEES | MAX.CONTRIBUTION |
| West Virginia* | Smart529 Direct College Savings Plan | $25 | None | $400,000 |
| Wisconsin | Edvest | $25 | None | $516,000 |
| Wyoming | No plan available | - | - | - |
*West Virginia requires that the account owner or beneficiary have a West Virginia mailing address or be a state resident on active duty in the US armed forces.
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