529 Plans By State 2020

Paying for college can be a struggle for anyone. With tuition costs of the rise, as well as other associated expenses including books, lab fees, and room and board, students and families across the nation are looking at ways to reduce this financial burden without having to turn to student loans.

While grants and scholarships are always a great option, many families start saving for their children’s education through a 529 plan. Each state has its own plan which offers advantages to families who save for their children’s education. While this once just applied to colleges, the Tax Act of 2017 now allows contributions to be used toward primary and secondary school expenses.

Parents aren’t the only ones that can take advantage of a 529 plan. Grandparents, aunts, uncles, and others can contribute to a 529 plan to help cover educational expenses. There are two different types of plans to consider: 529 college savings plan that allow you to invest and withdraw tax-free to cover educational expenses, and prepaid plans that let you lock in current tuition rates for in-state public schools.

Many states offer state income tax benefits when a person contributes to a state-sponsored plan. A handful of states even give tax benefits for plans from other states.

The states that offer tax benefits to in-state contributors for savings plans are:

  • Alabama – CollegeCounts 529 Plan
  • Arkansas – GIFT College Investing Plan
  • Colorado – CollegeInvest Direct Portfolio College Savings Plan
  • Connecticut – Connecticut Higher Education Trust
  • District of Columbia – DC 529 College Savings Program
  • Georgia – Path2College 529 Plan
  • Idaho – Idaho College Savings Program
  • Illinois – Bright Start College Savings Program
  • Indiana – CollegeChoice 529 Direct Savings Plan
  • Iowa – College Savings Iowa 529 Plan
  • Louisiana – START Savings Program
  • Maryland – Maryland529
  • Massachusetts – Massachusetts U.Fund College Investing Plan
  • Michigan – Michigan Education Savings Program
  • Minnesota – Minnesota College Savings Plan
  • Mississippi – Mississippi Affordable College Savings Program
  • Nebraska – Nebraska Education Savings Trust – Direct College Savings Plan
  • New Mexico – The Education Plan
  • New York – New York’s 529 College Savings Program
  • North Dakota – College SAVE
  • Ohio – Ohio CollegeAdvantage 529 Savings Plan
  • Oklahoma – Oklahoma College Savings Plan
  • Oregon – Oregon College Savings Plan
  • Rhode Island – CollegeBound Fund
  • South Carolina – Future Scholar 529 College Savings Plan
  • Utah – Utah Educational Savings Plan
  • Vermont – Vermont Higher Education Investment Plan
  • Virginia – Virginia529 inVEST
  • West Virginia – SMART529 WV Direct College Savings Plan
  • Wisconsin – Edvest College Savings Plan

The states that offer benefits for any state plan are:

  • Arizona – Arizona Family College Savings Program
  • Kansas – Learning Quest 529 Education Savings Program
  • Missouri – MOST 529 College Savings Plan
  • Montana – Montana Family Education Savings Program
  • Pennsylvania – PA 529
  • The states that do not offer tax benefits for 529 plans are:
  • Alaska – University of Alaska College Savings Plan
  • California – ScholarShare College Savings Plan
  • Delaware – Delaware College Investment Plan
  • Florida – Florida 529 Savings Plan
  • Hawaii – Hawaii’s College Savings Program
  • Kentucky – Kentucky Education Savings Plan Trust
  • Maine – NextGen College Investing Plan
  • Nevada – Nevada College Savings Plan
  • New Hampshire – UNIQUE College Investing Plan
  • New Jersey – NJ BEST College Savings Plan
  • North Carolina – Carolina Foundation of North Carolina
  • South Dakota – College Access 529
  • Tennessee – TN Stars College Savings 529 Program
  • Texas – Texas College Savings Plan
  • Washington – DreamAhead College Investment Plan

The minimum contribution varies by state, with the highest minimum contribution being $250. Other states have no minimum contributions. Those states are:

  • Alabama
  • Florida
  • Illinois
  • Missouri
  • Nebraska
  • New York
  • Rhode Island
  • South Carolina
  • Utah
  • West Virginia

Of all 50 states, Wyoming is the only one that doesn’t have a state plan.

529 Plans By State 2020

Source:
State 2020 Pop.
Alabama4,908,620
Alaska734,002
Arizona7,378,490
Arkansas3,039,000
California39,937,500
Colorado5,845,530
Connecticut3,563,080
Delaware982,895
District of Columbia720,687
Florida21,993,000
Georgia10,736,100
Hawaii1,412,690
Idaho1,826,160
Illinois12,659,700
Indiana6,745,350
Iowa3,179,850
Kansas2,910,360
Kentucky4,499,690
Louisiana4,645,180
Maine1,345,790
Maryland6,083,120
Massachusetts6,976,600
Michigan10,045,000
Minnesota5,700,670
Mississippi2,989,260
Missouri6,169,270
Montana1,086,760
Nebraska1,952,570
Nevada3,139,660
New Hampshire1,371,250
New Jersey8,936,570
New Mexico2,096,640
New York19,440,500
North Carolina10,611,900
North Dakota761,723
Ohio11,747,700
Oklahoma3,954,820
Oregon4,301,090
Pennsylvania12,820,900
Rhode Island1,056,160
South Carolina5,210,100
South Dakota903,027
Tennessee6,897,580
Texas29,472,300
Utah3,282,120
Vermont628,061
Virginia8,626,210
Washington7,797,100
West Virginia1,778,070
Wisconsin5,851,750
Wyoming567,025