Maryland College Investment Plan

Have questions? Get your answers here.

The Maryland College Investment Plan is a savings plan offered by Maryland 529 and managed by T. Rowe Price. It was designed to help individuals and families save for college in a tax-advantaged way. The College Investment Plan offers a variety of investment options to suit your future education goals.

When you enroll in the College Investment Plan, you choose from a variety of Investment Options. We offer Enrollment-Based Portfolio Solutions which adjust their investments automatically as the enrollment year is approached, or Fixed Portfolios which have investment mixes that remain the same over time. You decide how much and how often you would like to contribute – be it lump sum or monthly. Any earnings grow tax-deferred and are distributed tax-free when used for Qualified Education Expenses. See more on Tax Advantages for additional details.

Opening your Account and getting started on saving for college is simple and takes just a few steps.

Step 1: Choose from one or more of our investment portfolios.

Step 2: Open an Account online or mail in a completed New Account Form.

Step 3: Make an initial contribution of at least $25 per portfolio.

You can contribute in a variety of ways:


Electronic funds transfer

Payroll deductions

Rolling over assets from another Qualified Tuition Program, including the Maryland Prepaid College Trust.

Rolling over Qualified Tuition Program assets from a different Beneficiary that is a family member.

Moving assets from an UGMA/UTMA account. Consult a tax professional for more information.

Rolling over assets from a Coverdell Education Savings Account. Consult a tax professional for more information.

Liquidating assets from other financial instruments such as mutual funds and individual stocks. Consult with a tax professional for more information.

Redeeming qualified U.S. Savings Bonds. Please visit for more information.

Enrolling in the GoTuition® gifting portal, a free, online tool that makes it easy for to ask friends and family to contribute to your child’s College Investment Plan Account.

GoTuition and GoTuition design are trademarks of T. Rowe Price Group, Inc.

You may change your investment options twice per calendar year, per Beneficiary. If you have multiple investment options for a Beneficiary, all changes for that Beneficiary requested together on the same day and having the same trade date are expected to count as one collective change.. This can be done by logging into your Account. You can also make the change in writing using the Beneficiary/Portfolio Change Form located on the MCIP Forms page or call 888.4MD.GRAD (463.4723) Option 1 to request this over the phone.

No. The Investment Plan is not insured or guaranteed. Investment returns will vary depending upon the performance of the investment options you choose. Like many investments, the College Investment Plan has a variety of risks. Please read them carefully in the Disclosure Statement .

Anytime. There is no requirement for how long you must invest in the Investment Plan before you can take a distribution and use your savings other than allowing reasonable time for checks to clear.

Your Account balance can be used for any purpose. However, for the distributions to be federally tax-free, you have to use the assets for one of the Qualified Education Expenses below.

Colleges, Universities, Graduate Schools, and Technical/Vocational Schools:

Tuition and fees; room and board; books, supplies, and equipment required for enrollment or attendance; and computer and technology needs. Certain expenses for special needs students are covered.

K–12 Tuition for Public, Private, or Religious Schools*:

Tuition expenses of up to $10,000 per year, per Beneficiary.

Apprenticeship Programs:

Books, fees, equipment, and other supplies.

Education Loan Repayment:

The principal or interest on a Qualified Education loan for the Beneficiary. There is a $10,000 lifetime maximum per individual. For more information, please review
IRS Publication 970.


While distributions from 529 plans for elementary or secondary education tuition expenses are federally tax-free, state tax treatment will vary and could include state income taxes assessed, the recapture of taxes for previously subtracted amounts from state taxable income, and/or state-level penalties. You should consult with a tax or legal professional for additional information.


You can open an Account for just about anyone, even for yourself. You can set up an Account for your child, grandchild, spouse, another relative, yourself, or even someone not related to you. Each Account can have only one Beneficiary at any time, and you must provide your Beneficiary’s Social Security number or tax identification number at the time you open your Account. The Beneficiary may be of any age; however, the Beneficiary must be an individual and not a trust or other entity. For more information please refer to the Disclosure Statement.

In general, when assets are in the parents’ names (such as 529 accounts or taxable accounts), a smaller percentage of their value is included in the Expected Family Contribution (EFC) than the value of a student's assets. For more information, visit the Financial Aid information on our site, visit Federal Student Aid or consult a financial aid professional.

If your Beneficiary receives a scholarship, you can use the savings to pay any education-related expenses outside of the received scholarship, allot unused savings toward postgraduate education, change the Beneficiary to an eligible family member as defined by the Internal Revenue Code, or request distributions up to the amount of the scholarship penalty-free (income taxes may still be required, however).

There are no time restrictions for using 529 college savings plan Accounts, so if your Beneficiary does not go to college right away, you can keep the money in your Account to use at a later date. The funds may also be used for certain vocational schools or apprenticeship programs. Alternatively, you have the option to change the Beneficiary on the Account, or you may request a nonqualified distribution, which may be subject to federal and state income taxes and a 10% federal penalty (on the earnings portion only).

The funds may still be used to pay for the tuition and fees. If the student is at least a half-time student, room and board are also considered Qualified Education Expenses.

There are no restrictions on when the Beneficiary must use the funds.