How the Save4College State Contribution Program Can Help You Do Just That
Saving for college can be a challenge for many families, but the state of Maryland, through the Save4College State Contribution Program, is helping families make those college dreams come true. The goal of the program is to encourage families to contribute to their children’s future education through a 529 plan.
Maryland 529 Plans
A 529 plan is a tax-advantaged savings plan that allows parents, relatives, and friends to save for a child’s education. There are two different plans available through Maryland: the Maryland College Investment Plan and the Maryland Prepaid College Trust. Learn more about each type and which one is best for you here.
Once you have determined which account is best for you, you can apply for a Maryland 529 plan here.
NOTE: The Save4College State Contribution Program is only available for Maryland College Investment Plan accounts.
How Much Am I Eligible For?
The chart below illustrates how much can be contributed to each student’s Maryland College Investment Plan account through this program.
Apply for the Save4College Program
Applying to the program is simple! Log into your Maryland College Investment Plan account and select Ready, Set, Match.To apply, you must meet the following requirements:
- The beneficiary must still be a Maryland resident
- The account holder’s Maryland taxable income cannot exceed the maximum household income range (see chart above)
- Applicants must open a new Maryland College Investment Plan account; however, current account holders are eligible to apply if they opened the MCIP account after December 31, 2016
- All applicants must submit their application for the Save4College State Contribution Program no later than May 31
- You must make at least the minimum contribution no later than November 1
How Can We Help?
Planning for your children’s education can be overwhelming, but the Save4College State Contribution Program can help you save a little extra. If you are interested in learning more about Maryland 529 plans, contact us at or give our office a call at 410.685.9685.