Save4College State Contribution Program

Thank you for your interest. The 2018 application period is now closed.

The 2019 application period will open on January 1, 2019.

Note: Be sure you completed the Program’s eligibility requirements. In accordance with the Maryland Code, the Maryland 529 Board is required to have documentation to support the income level you provided. Please see additional details below.

Saving for college is a challenge for many families. That's why the State of Maryland and Maryland 529 want to help Maryland families through the Save4College State Contribution Program.

The Save4College State Contribution Program is designed to help lower to middle-income families in Maryland save money for higher education. Individuals who open or have opened a new Maryland College Investment Plan (MCIP) after December 31, 2016, file an application by 11:59pm on June 1, 2018, and make at least the minimum contribution* to the account, may receive a $250 or $500 contribution by the State.

Pursuant to legislation signed into law following the 2018 legislative session, for account holders with Maryland taxable income of less than $87,500 (if filing State taxes for an individual) or less than $125,000 (for a married couple filing a joint State tax return), and who otherwise meet the requirements of the program, the State would contribute $500 per beneficiary. For account holders with Maryland taxable income of at least $87,500 but no greater than $112,500 for an individual or at least $125,000 but no greater than $175,000 for a married couple filing a joint return, and who otherwise meet the requirements of the program, the State would continue to contribute $250.

How Does It Work?

To be eligible, an applicant must meet the following requirements:

  • The Beneficiary must still be a Maryland resident and the Account Holder's Maryland taxable income cannot exceed the maximum household income range ($112,500 as an individual or $175,000 as a couple based on the previous taxable year).
  • Current Maryland College Investment Plan (MCIP) Account Holders are eligible to apply for the State Contribution if they opened the MCIP account after December 31, 2016, or you can open a new Maryland College Investment Plan*. All applicants must submit their application for the Save4College State Contribution Program by 11:59pm on June 1.
 Maryland Taxable Income    
 Individual Joint  *Minimum Contribution  State Contribution 
 $49,999 or less $74,999 or less  $25  $500 
$50,000 - $87,499  $75,000 - $124,999  $100  $500 
$87,500 - $112,500  $125,000 - $175,000  $250  $250 

 

You’ve Submitted Your Application. Have You Completed Your Documentation?

Please be sure you completed the Program’s eligibility requirements. In accordance with the Maryland Code, the Maryland 529 Board is required to have documentation to support the income level you provided.

  • You need to complete the Tax Information Authorization form and mail it, postmarked by the new, extended deadline of July 31, 2018, to permit the Comptroller of Maryland’s office to verify your Maryland taxable income.
  • If you do not return the form, you will be ineligible for the State Contribution*. Upon completion of this review, your eligibility will be determined in conjunction with meeting the contribution requirements.
  • If you did not file a Maryland income tax return for 2017, you must also complete the Affidavit of Account Holder for State Contribution Eligibility. The affidavit must be signed in the presence of a notary public and returned postmarked by the new, extended deadline of July 31, 2018. If you did file a Maryland Income tax return for 2017, this additional form is not needed.

Notifications regarding eligibility based on the Comptroller of Maryland’s review will be sent in the fall.  Final eligibility will be determined after the contribution window has ended on November 1.

Mailing Addresses:

Regular Mail:

Maryland College Investment Plan

PO Box 17479

Baltimore, MD 21297-1479

Express Mail Only:

Maryland College Investment Plan

Mail Code 17479

4515 Painters Mill Road

Owings Mills, MD 21117-4903

 

When Do I Need to Make a Contribution?

If you open an account to apply for the Save4College State Contribution Program, the initial contribution requirement that generally applies to new accounts will be waived. To be eligible to receive the State Contribution, however, you must make the minimum contribution of $25, $100, or $250, based on your household income, by November 1.

 

When Will I Receive the Money in My Account?        

If you received notification that you are eligible for the 2018 State contribution, and you make the minimum contribution to the Maryland College Investment Plan by November 1. The State will deposit $250 or $500, whichever is applicable, into your MCIP account by December 31

 

What if I Have Additional Questions?

Click here to access Frequently Asked Questions. You may also call 888.4MD.GRAD (888.463.4723) and select Option 1,  or email info@marylandcollegeinvestmentplan.org.   

 

*State Contributions are not guaranteed. The State funding for contributions is limited to $3,000,000 in fiscal year 2019 and each fiscal year thereafter. As with the entire State budget, the Maryland General Assembly has final approval. 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 MCIP Account. You should check with your tax advisor regarding your specific situation.