**The application period is now closed. Applicants who are eligible will receive written notification this summer. **
Open a Maryland 529 College Investment Account and be Eligible to Receive a $250 Contribution through the Save4College State Contribution Program!
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 a new Maryland College Investment Plan (MCIP) after December 31, 2016, file an application prior June 1, 2017, and make at least the minimum contribution* to the account, may receive a $250 contribution by the State.
How Does It Work?
To be eligible, an applicant must meet the following requirements:
- The beneficiary must be a Maryland resident.
- Your Maryland taxable income cannot exceed $112,500 as an individual or $175,000 as a couple.
- You must open a Maryland College Investment Plan and submit your application for the Save4College State Contribution Program and file an application prior to June 1, 2017.
| Maryland Taxable Income
| $49,999 or less
||$74,999 or less
|$50,000 - $87,499
||$75,000 - $124,999
|$87,500 - $112,500
||$125,000 - $175,000
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 will be waived, and you do not need to make a contribution at the time you open the account. You must make the minimum contribution of $25, $100, or $250, based on your household income, between July 1 and November 1.
Applications must be submitted prior to June 1, 2017. Applications that are mailed must be postmarked prior to June 1, 2017.
When Will I Receive the Money in my Account?
If you receive notification that you are eligible for the State contribution, and you make the minimum contribution to the Maryland College Investment Plan between July 1 and November 1, 2017, the State will deposit $250 into your MCIP account by December 31, 2017.
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 firstname.lastname@example.org.
*State Contributions are not guaranteed. The State funding for contributions is limited to (i) $5,000,000 in fiscal year 2018, (ii) $7,000,000 in fiscal year 2019, and (iii) $10,000,000 in fiscal year 2020 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 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 a beneficiary in a given year, you are not eligible in that year for the state income deduction for contributions that you made for that beneficiary. You should check with your tax advisor regarding your specific situation.