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 July 15th State deadline. (April tax filing deadline extended by Maryland Comptroller on March 11, 2021).
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:
- Update: During the 2021 Maryland legislative session, both chambers of the Maryland General Assembly unanimously passed legislation revising the State Contribution Program. Applicable to the 2021 application period, the legislation prohibits an Account Holder who has received $9,000 in State contributions from qualifying for additional contributions from the State.
- 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 July 15th 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.
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.
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).
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
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