Maryland 529 Plan

Saving for College in Maryland

The State of Maryland has two 529 college saving plans.

Maryland Prepaid College Trust - 529 Prepaid Plan

This plan is sponsored by the State of Maryland and managed by College Savings Plans of Maryland Board. It allows participants to prepay for college and it is backed by a Maryland Legislative Guarantee. The funds can be used to pay the full in-state or in-county tuition and mandatory fees at any Maryland public college or up to the Weighted Average Tuition of Maryland's public colleges toward nearly any private or out-of-state college. A variety of Tuition and Payment Plans are available. The only restriction is that either the account holder or child must reside in Maryland or Washington, D.C. when the account is opened.

Tax Benefits of Maryland Prepaid College Trust

  • Maryland offers state tax deductions for Maryland Prepaid College Trust contributions for an amount up to $2500 and allows carryovers to future years untill the full amount is deducted.
  • All earnings are tax free from federal and state income taxes.

    How to Enroll

    You can learn more and enroll by going to www.collegesavingsmd.org/bt1mpct.cfm

    Maryland College Investment Plan

    This plan allows residents to invest for college savings by picking one or all of the 6 investment options offered by T. Rowe Price.

    Tax Benefits of Maryland College Investment Plan

  • Maryland offers state tax deductions for Maryland College Investment Plan contributions for an amount up to $2500 and allows carryovers to future years untill the full amount is deducted.
  • All earnings are tax free from federal and state income taxes.

    How to Enroll

    You can learn more and enroll by going to www.collegesavingsmd.org/GT1mcip.cfm