Our friends at Charting Careers have started a MD College Saving Plan for their students. There is a little known state 529 contribution plan that provides up to $500 each semester per student for a total of $1000 toward educational plans. Our middle school students will really benefit in planning their careers. Funds are available for college, apprenticeship or trade school expenses.
MARYLAND COLLEGE INVESTMENT 529 PLAN OVERVIEW
The Maryland Senator Edward J. Kasemeyer College Investment Plan is designed to help families give their children the freedom to pursue their dreams through saving for college, an apprenticeship or trade school and limit the accumulation of debt.
The Maryland 529 plan offers an annual state income deduction, in addition to the Federal tax deduction. An MD 529 account is easy to open, the application is short and only requires $25.00 to start. There are several investments options with T Rowe Price, the account manager. Subsequent contribution can be as little as $25.00.
Maryland Contribution Program- Provides additional funding to existing Maryland 529 college savings accounts. To be eligible for the state contribution $250 to $500, the account holder must submit the MD Contribution application by May 31st for the following semester.
Other requirements are:
The Beneficiary must be a Maryland resident and the account holder's (parent's) Maryland taxable income cannot exceed the maximum household income range ($112,500 as an individual or $175,00 for married couples filling jointly based on the taxable year).
Current Account holders are eligible to apply for the State Contribution of $500 twice a year, if they contribute a minimum of $25 per semester.
The maximum State contribution is $500+ $500 for a total of $1000/year.
One can learn more by going to www.maryland529.com or calling 888-463-4723.