Best 529 College Savings Plans in 2024

Planning for your child’s college journey can feel like navigating through a financial labyrinth. Worry not! You’re right on track by exploring some of the best 529 College Savings Plans in 2024. Here, we will delve into a detailed comparison of 20 top-tier plans, starting with these ten:

1. Vanguard 529 College Savings Plan

The Vanguard 529 College Savings Plan is a Nevada-based plan renowned for offering low-cost index funds for investment. A true standout, the plan has taken an upper hand in the private sector, featuring a plethora of investment options to suit different savings strategies and risk appetites. Unlike a Roth IRA or Coverdell education savings account, this plan commits to no income limits and generous contribution allowances, thus providing significant tax advantages.

2. Edvest Wisconsin’s 529 Plan

Launched by the state of Wisconsin, Edvest is another go-to plan that offers an array of quality investment options managed by TIAA-CREF. Especially noteworthy is the minimal cost associated with this plan – it charges no annual account fee or application fee. What makes it more attractive as an investment is its unique tax benefit. Contributions made into an Edvest account qualify for< a href=””> Wi-Fi tax deduction. This means you get additional savings every time you make a deposit into this plan.

3. New York’s 529 Direct Plan

The New York’s 529 Direct Plan, managed by Ascensus College Savings and Vanguard, ranks high on the list of attractive savings plans. It features low management fees and offers a diverse range of investment options. And the cherry on top? You’re entitled to great tax deductions based on your income level and filing status when contributing to this plan.

4. Utah Educational Savings Plan (UESP)

Guaranteeing low costs, generous tax benefits, and an extensive selection of highly-rated investment options, the Utah Educational Savings Plan takes pride in holding its own among 529 competitors. Your contributions might qualify for a Utah state tax credit, which will be a notable boon to your personal finance management strategy.

5. ScholarShare529 California’s 529 Plan

The ScholarShare529, California’s official college savings plan, stands out with competitive management fees, premium investment options and robust tax advantages, making it an excellent choice for potential investors. Additionally, this plan accepts contributions from anyone – even non-residents in California – therefore becoming a valuable resource for family economics.

6. Invest529 Virginia 529 Savings Plan

A beneficiary of positive reviews from leading finance analysts, the Invest529, offered by Virginia, underscores its worth through low fees and a variety of investment options. The plan offers both age-based and static portfolio options, allowing contributors to adjust according to their comfort with risk levels. Plus, sourcing from your Invest529 plan for qualified education expenses can grant you some significant tax savings.

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7. Nevada Vanguard 529 College Plan

The Nevada Vanguard 529 College Plan, much like the Vanguard 529 Savings Plan, offers an attractive amalgamation of low costs and quality investment strategies. In addition, out-of-state investors choosing this plan can still enjoy the benefits without restrictions usually applied to non-residents, making it a great choice for national investors interested in diversifying their financial portfolios.

8. Colorado’s Direct Portfolio College Plan

Equipped with a wide range of investment options and managed by CollegeInvest and Ascensus 529, Colorado’s Direct Portfolio Plan exhibits solid performance metrics and lower fees than most plans out there. Extra perks include state tax deductions and matching grants, depending on eligibility.

9. Nebraska’s Nest529 Direct College Plan

Also riding the popularity wave among direct 529 plans is the Nebraska’s NEST 529. Powered by solid investment returns, this plan keeps affordability at its heart with low-cost choices. And here is something worth considering – Nebraska residents have the chance to pinch some tax advantages in terms of exemptions and potential deductions for contributions made into this plan.

10. Bright Start Illinois 529 Plan

The Bright start Illinois 529 plan, touted as one of the top college savings plans nationwide, offers a comprehensive tax advantage package and a host of investment options. Noteworthy elements are its sector-leading ratings, lower fees, and excellent customer service. A well-tailored blend of age-based, target-date, and individual portfolios is guaranteed to cater to diverse savings needs.

11. Iowa College Savings 529 Plan

The Iowa College Savings 529 Plan should definitely be on your radar when considering the best 529 plans. The program provides various investment options appealing to a wide range of risk appetites, including mutual funds and index funds. A notable benefit is the tax advantage status, which allows earnings to grow tax-free and remains tax-free when withdrawn for qualified education expenses. Another alluring facet of this plan is the manageable fee structure. In other words, it won’t break your bank.

12. MI Education Savings Plan (MESP)

The Michigan Education Savings Plan is another excellent option for your college savings goals. Managed by renowned financial adviser TIAA-CREF Tuition Financing, the MESP provides diversified investment portfolios aimed at optimizing positive returns while mitigating risk. The plan also offers an attractive tax advantage: earnings and withdrawals for qualified education expenses are exempt from federal and state income taxes. These advantages make MESP a strong contender in the 529 plan space.

13. Alaska 529 Education Trust Plan

The Alaska 529 Education Trust Plan features low fees and flexible rules that make it a popular choice among families with children hoping to head off to college someday soon. Through this particular plan, you have the option of investing in mutual funds or simply deposit your money into an FDIC-insured interest-bearing account— giving you more control over where your money goes. And similar to most other 529 plans, earnings grow tax-free and remain untaxed when used for eligible education costs.

14. GIFT529 Arkansas 529 Savings Plan

Arkansas’ GIFT529 is another reliable choice when enumerating excellent 529 plans in 2024. This plan is administered by Ascensus College Savings Recordkeeping Services, which is known for its meticulous investment management. Here, you can customize your portfolio or choose from pre-set age-based options. Plus, up to $10,000 in contributions can be deducted annually from Arkansas state income tax, showcasing an attractive tax advantage.

15. CollegeAdvantage Ohio 529 Savings Plan

Ohioans have a lot to be happy about regarding their state’s 529 plan: the CollegeAdvantage Ohio 529 Savings Plan. This program features numerous investment options from leading financial services firms like Vanguard and Fifth Third Bank. More importantly, all the earnings grow and can be withdrawn tax-free for eligible education expenses. Moreover, Ohio taxpayers can deduct up to $4,000 in contributions per beneficiary annually from their state income tax.

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16. CollegeBound 529 in Rhode Island

Rhode Island’s CollegeBound 529 is managed by Ascensus College Savings and includes various mutual funds managed by Invesco. The plan presents various investment choices to accommodate varying risk appetites while also offering age-based and static portfolio options. Furthermore, there are no annual account maintenance fees or minimum contribution requirements—providing excellent flexibility for families of all economic backgrounds.

17. Texas College Savings Plan (TCSP)

The Texas College Savings Plan should not be overlooked when exploring top 529 plans in 2024. It offers several investment options tailored to different risk tolerance levels and allows investments to grow tax-free if used for qualified educational expenses. The plan features numerous mutual funds managed by industry leaders such as The Vanguard Group—an attraction for many aspiring college savers.

18. Ideal Idaho College Savings Plan

If you’re examining excellent 529 savings plans, do not ignore Idaho’s Ideal College Savings plan. Operated by Ascensus Broker Dealer Services, the plan provides a mixture of age-based portfolios, static fund portfolios, and individual portfolios from prominent mutual fund companies. Like other 529 plans, withdrawals for qualified educational expenses are tax-free federally and at the state level for Idaho residents.

19. Maryland College Investment 529 Plan

The Maryland College Investment Plan deserves recognition with its impressive array of investment options, from aggressive to conservative portfolios. The plan allows you to start an account with as little as $25 and offers one of the highest state income tax deductions in the country—$2,500 per beneficiary per contributor or $5,000 for those filing jointly. Managed by T. Rowe Price, this is a big fish in the sea of 529 plans.

20. Learning Quest 529 Plan Kansas

Finally, the Learning Quest 529 Plan administered by American Century Investments is another star player when it comes to college savings plans in 2024. This plan targets Kansans and non-residents alike with its combination of three age-based tracks and six static portfolio options. Kansas taxpayers also enjoy substantial benefits as contributions can be deducted from state income tax up to certain limits.

In Conclusion

Your quest to find suitable and best-performing 529 college savings plans in 2024 remains incomplete without considering these options. From exceptional tax advantages to diverse investment options managed by reputed firms, these plans provide all the right tools required to build a robust education fund. With proper financial advice and planning, you can rest assured that you’re paving a clear path towards a secure academic future for your child.

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