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New and Expectant Parents

As you cherish this time together with your growing family, the Maryland College Investment Plan is here to help. While it may be difficult to think about saving for future higher education expenses when college is 18 years away - or longer - saving now can help make a big difference later. The Maryland College Investment Plan has helped over a quarter million families like yours invest in a brighter future for over 20 years. Whether planning for college, trade school, or an apprenticeship, you can save here, so your kids can go anywhere.

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Maximize State Income Subtraction

Maryland taxpayers can receive a maximum $2,500 income subtraction from their State adjusted gross income annually per beneficiary for contributions to the Investment Plan.

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Can I open an account before my child is born or adopted?

Yes! You can open an account designating yourself or another family member as the beneficiary (please note that a Social Security number (SSN) is required for the person being named as a beneficiary). Once your child has received their SSN, you may change the beneficiary on the account. To avoid tax consequences, it is important that the initial beneficiary be a family member of the expected child, as defined by the IRS.

WHY MARYLAND college investment plan?

About the Maryland College Investment Plan

Save for education your way with the freedom to choose how to invest, how much and how often based on your budget and goals.

  • Affordability — Begin with just $25.
  • Freedom — Choose from a broad range of investment options managed by T. Rowe Price, an investment management firm with more than 80 years experience.
  • Flexibility — Use your savings at nearly any public/private college or trade/technical school in the U.S. and even international universities that have a federal school code.
  • Unique Tax Benefits — You may be eligible for federal and Maryland State tax benefits. Availability — Open an Account anytime for anyone.
  • Savings Boost — You could be eligible to receive a $250 or $500 contribution through the State Contribution Program.
  • Gifting — Invite friends and family to be a part of your savings journey with a Ugift® code that links directly to your account.

saving vs borrowing

Saving Now Could Help You Pay Less Later

There are many ways that a family can pay for the cost of college. But, some of those options can be more costly than others. Learn more about the advantages of saving versus borrowing.
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Investment options

Save Your Way with the College Investment Plan

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Please note that the availability of tax or other benefits may be conditioned on meeting certain requirements such as residency, purpose for or timing of distributions, or other factors, as applicable.

Earnings on a distribution not used for qualified expenses may be subject to income taxes and a 10% federal penalty. State tax laws and treatment may vary. Please check with your state or a tax professional regarding the specific tax rules for your state.