May 28, 2024
Annapolis, US 81 F

Maryland is Helping Families Save with the Save4College State Contribution Program

Maryland 529, a division of the Maryland State Treasurer’s Office and administrator of the Maryland Senator Edward J. Kasemeyer College Investment Plan (also referred to as the Maryland College Investment Plan or College Investment Plan), reminds Marylanders that they may be eligible to receive up to a $500 contribution to their College Investment Plan through the Save4College State Contribution Program.  

Now in its 8th year, the Save4College State Contribution Program was designed to help lower to middle-income households in Maryland start saving for college, technical and trade schools, and certified apprenticeship programs. Program applicants that open a new Maryland College Investment Plan account or opened their account after the State Contribution Program’s establishment, may be eligible to receive a $250 or $500 contribution to their College Investment Plan account from the State. 

Since the program’s inception in 2017, over $55M has been paid to eligible applicants. Eighty-one percent of College Investment Plan accounts that received a contribution in 2017 still have a balance today, indicating a positive impact on continue savings behavior and investment for future education goals. 

“We are grateful to Governor Moore and the Maryland General Assembly for their continued support of the State Contribution Program,” said State Treasurer Dereck E. Davis. “The Maryland College Investment Plan has been helping families save for education for over 20 years. Whether it is a parent saving for their child’s future education, or a young adult pursuing college, trade school, or an apprenticeship, it is exciting to see Marylanders get a little help from the State in saving for continuing education programs.”

The State Contribution Program’s application period is only opened for a limited time and closes at 11:59 p.m. on May 31. To learn more about the Program’s eligibility requirements and to submit an application for this year’s Program, visitwww.maryland529.com/Save4College.

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