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Have You Set Up Automatic Monthly Contributions? Making regular contributions through Automatic Monthly Contributions (AMC) is a great way to help you meet your college savings goals. This year, consider spreading the amount, you plan to contribute and deduct from your Maryland state income taxes throughout the year, per Account, through AMC. It's easy to set up. You can contribute automatically from your bank account and make changes anytime. Click the link below to download the Maryland Prepaid College Trust Account Services Form. | |
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Prepare for Future Gaps in Financial Aid Packages Did you know financial aid packages can fall short? The average unmet need from
financial packages are now exceeding $10,000, having doubled in the last decade
and a half. Parents can address the issue by planning to save more for their
education along the way or possibly choosing a less expensive college in the
future. Mark Kantrowitz from Savingforcollege.com explains more about changes
in unmet need. | |
You May Be Eligible for a State Contribution You may already saving for college with the Maryland Prepaid College Trust, but did you know if you open a Maryland College Investment Plan (MCIP) Account, or opened a MCIP after December 31, 2016, you may be eligible* to receive a $250 or $500 contribution from the State? It's easy to apply through the Save4College State Contribution Program. Current MCIP Account Holders can log in to their MCIP Account Login and select Apply Now to get started. Or, click here to learn more about the Maryland College Investment Plan. Having Accounts in both Plans allows you to benefit from the features of each Plan and diversify your education savings. For example, you could use the Prepaid College Trust towards college tuition and the College Investment Plan towards room and, board, or additional tuition at a private or out-of-state college.  | | We Want to Hear From You If you have a specific question or topic you would like for us to address in our newsletter, please contact us. | Update Your Contact Information Did you move or do you plan on moving? Do you have a new email address? Be sure to let us know so you can continue to receive your statements and pertinent Account information. Call 1.888.4MD.GRAD (463.4723) or email accounts@maryland529.org. | |  | |
| The Maryland Senator Edward J. Kasemeyer Prepaid College Trust and Maryland Senator Edward J. Kasemeyer College Investment Plan Disclosure Statements provide investment objectives, risks, expenses and costs, fees, and other information you should consider carefully before investing. If you or your Beneficiary live outside of Maryland, you should compare Maryland 529 to any college savings program offered by your home State or your Beneficiary's home State, which may offer State tax or other State benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such State's 529 plan. Tax benefits may be conditioned on meeting certain requirements, such as residency, purpose for or timing of distributions, or other factors, as applicable. *As with the entire State budget, the Maryland General Assembly has final approval over funding for the State Contribution Program. State contributions are not guaranteed. The State funding for contributions is limited each fiscal year. If resources are insufficient to fully fund all eligible Accounts, Maryland 529 shall provide contributions in the order in which applications are received in good order and give priority to applications of Account Holders who did not receive a State contribution in any prior year. If you receive a State contribution for any Account in a given year, you are not eligible in that year for the income deduction on your State taxes for contributions that you made to that or any other College Investment Plan Account. You should check with your tax advisor regarding your specific situation. |
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