Save4College State Contribution Program

Save 4 College

The Save4College State Contribution Program gives your child the freedom to unlock their future. You could be eligible for a $250 or $500 State contribution. It’s easy to apply to the 2021 Program with the online application. The 2021 application period is now open until 11:59 p.m. on May 31.

What's new for 2021?

Effective January 1, 2021, a Beneficiary can only receive two State contributions per year. Additionally, for applicants filing taxes in Maryland, you must file your taxes by the April State deadline*.

How do I apply?

Simply log in to your Maryland College Investment Plan Account and select Apply Now to get started. You can also download and print an application.

If you need to open a Maryland College Investment Plan (MCIP) Account to apply, click here.

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

How does it work?

Saving for college is a challenge for many families. The State of Maryland and Maryland 529 want to help make it easier for your child’s dream of attending college to come true. The Save4College State Contribution Program is designed to help lower to middle-income families in Maryland save money for higher education. Your savings can be used at nearly any public, private, or technical college nationwide—and even international universities that have a federal school code—for qualified eligible education expenses such as tuition, fees, room and board, etc.

To apply, you must meet the following requirements:

  • The Beneficiary must 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 married couple filing jointly based on the previous taxable year).
  • For applicants filing taxes in Maryland, you must file your taxes by the April State deadline*.
  • 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. If you have a closed/zero balance Account (for more than 24 months) and open a new Account for the same Beneficiary, you may apply for the State Contribution Program for that Account.
  • All applicants must submit their application for the Save4College State Contribution Program by 11:59pm on May 31.
  • You must make the minimum contribution to the applied-for Account(s) no later than November 1 and updates will be provided on this page.

Please note the Maryland General Assembly may impose other program requirements or restrictions at any time. If any State Contribution Program changes are effective for the 2021 application period, updated information will be provided on this webpage and applicants will be notified by electronic communication.

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

The Maryland General Assembly may make changes to the State Contribution Program in the future that impact the contribution amounts, minimum requirements, or other eligibility requirements. A Beneficiary can receive a maximum of two State contributions per year and priority will be determined on a first come first serve basis, assuming eligibility requirements are met. State contributions are not guaranteed. The State funding for contributions is limited each fiscal year. 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 College Investment Plan Account. You should check with your tax professional regarding your specific situation.

*Under legislation currently being considered by the General Assembly, the April State deadline to file Maryland taxes would be extended to July 15, 2021 and Account Holders will not be eligible for State Contributions in 2021 or later if they have received $9,000 in aggregate under the Save4College State Contribution Program. Other changes would be effective for the 2022 application period.

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 (as verified by the Office of the Comptroller of Maryland), no later than November 1. You must make the minimum contribution into the Account(s) in which you applied for the State contribution.

When Will I Receive the Money in My Account?

If the applicant is determined eligible and makes the required contribution no later than 11:59pm on November 1, and if the State provides program funding, State contributions will be received by December 31 of the calendar year in which the Account Holder made the contribution.

If you receive a State contribution for any Account in a given year, you are not eligible for the income deduction on your State taxes for contributions that you made to that or any other MCIP Account in that year. Current MCIP Account Holders who do not receive a State contribution, however, are still eligible to receive a Maryland income tax deduction of up to $2,500 per year, per Beneficiary for contributions made to the MCIP Account.

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.

Your Save4College State Contribution Program application will NOT be automatically updated when you request a Beneficiary Change, Portfolio Change, or Distribution after submitting an application. If you request one of those transactions and wish to change the Account that will receive the State contribution, please contact us at 888.4MD.GRAD (463.4723).

Resources

What is the Save4College State Contribution Program?

The State of Maryland and Maryland 529 want to help make it easier for your child’s education dreams to come true.

Saving Now Could Help You Pay Less Later

Start saving now, and help reduce costly debt later.