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Indiana


CollegeChoice 529 Direct Savings Plan


5 Cap Ratings
(Resident Rating) (Non-Resident Rating)

Summary
In September 2008, Upromise Investments, Inc., which was acquired by Ascensus College Savings in 2013, took over the management of the Indiana CollegeChoice 529 Direct Savings Plan from JPMorgan, and it now features an age-based option using Vanguard index and Loomis Sayles funds, seven individual portfolios using a variety of investment managers, and an FDIC-insured savings account from Sallie Mae Bank. Accounts can be linked to the Upromise rewards service.

Program Details
Summary: In September 2008, Upromise Investments, Inc., which was acquired by Ascensus College Savings in 2013, took over the management of the Indiana CollegeChoice 529 Direct Savings Plan from JPMorgan, and it now features an age-based option using Vanguard index and Loomis Sayles funds, seven individual portfolios using a variety of investment managers, and an FDIC-insured savings account from Sallie Mae Bank. Accounts can be linked to the Upromise rewards service.
Program type: Savings
Program manager: Ascensus College Savings
State residency requirements: None
Maximum contributions: Accepts contributions until all account balances in Indiana's 529 plan for the same beneficiary reach $298,770.
Minimum contributions: $25
Age-based investment options: The Age-Based Program contains 7 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
Static investment options: Select among 7 options using various investment managers--Active Bond, International, Bond Index, Money Market, Short Term Bond Index, U.S. Equity Index, and Inflation-Protected--plus a FDIC-insured Savings Portfolio.
Underlying investments: Age-Based Option: Vanguard index funds, Loomis Sayles, and money market fund
Individual Portfolios: Mutual funds from Dodge & Cox, Scout Investments, Vanguard, and Western Asset.
The Savings Portfolio invests in the Sallie Mae High-Yield Savings account.
Enrollment or application fee: None.
Account maintenance fee: $20 annually, waived for Indiana residents or beneficiaries and for accounts with $25,000.
Program management fees: 0.42% in the Age-based option; 0.27% in the Individual Portfolios and Savings Portfolio
Expenses of the underlying investments: Ranges from 0.08% to 0.16% in the Age-based option and from 0.02% to 0.65% in the Individual portfolios (portfolio weighted average). None in the Savings Portfolio.
Total asset-based expense ratio: 0.27% - 0.92%
Program match on contributions: None.
State tax deduction or credit for contributions: A 20% tax credit on up to $5,000 per year in contributions to an Indiana 529 plan can be claimed against Indiana income tax (maximum yearly credit is $1,000). Effective January 1, 2010, rollover contributions and contributions generated through a rewards program are not eligible for the credit.
Web site: Click here to visit
Telephone: 1-866-485-9415
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