The team of Ascensus Broker Dealer Services, Inc. and The Vanguard Group manages the Colorado Direct Portfolio College Savings Plan. It features age-based and static portfolio options utilizing Vanguard mutual funds. Accounts can be linked to the Upromise rewards service.
- Summary: The team of Ascensus Broker Dealer Services, Inc. and The Vanguard Group manages the Colorado Direct Portfolio College Savings Plan. It features age-based and static portfolio options utilizing Vanguard mutual funds. Accounts can be linked to the Upromise rewards service.
- Program type: Savings
- Program manager: Ascensus Broker Dealer Services, Inc. and The Vanguard Group, Inc.
- State residency requirements: None
- Maximum contributions: Accepts contributions until all account balances in Colorado's 529 plans for the same beneficiary reach $350,000.
- Minimum contributions: The minimum initial contribution is $25, and the minimum subsequent contribution is $15.
- Age-based investment options: The Age-Based option is offered in 3 different risk levels (Aggressive, Moderate, and Conservative) each containing 4 or 5 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the risk level selected and the number of years to expected enrollment, and later reassigned to more conservative portfolios as the beneficiary approaches college age.
- Static investment options: Select among 5 multi-fund portfolios with varying risk tolerances and 3 individual-fund portfolios.
- Underlying investments: Vanguard mutual funds.
- Enrollment or application fee: None.
- Account maintenance fee: $20 for accounts with less than $10,000, waived for Colorado residents and for accounts opting to receive all documents electronically.
- Program management fees: 0.39% manager fee; fee includes underlying fund expenses and a 0.06% fee to the state.
CollegeInvest may charge an administrative fee of up to 0.10%. Effective September 1, 2011, 0.04% of the manager fee was waived for a net fee of 0.06%. CollegeInvest will periodically reevaluate the 0.06% administrative fee rate and raise or lower it not to exceed 0.10%.
- Expenses of the underlying investments: Not applicable, included in the program management fee.
- Total asset-based expense ratio: 0.39%
- Program match on contributions: The Matching Grant Program provides a dollar-for-dollar match of up to $400 in contributions for lower- to middle-income Colorado residents to accounts with an eligible beneficiary (a dependent under age 13 at the time of initial application). Applications are accepted each year between September 1 and December 31. The match can extend for a maximum five years. Matching grants for future years are subject to continued funding by the sponsor.
The CollegeInvest 529 Scholarship provides a $2,000 scholarship to any full-time student who is a Colorado resident, has maintained or has had a parent/guardian maintain a CollegeInvest account for at least two years, and can substantiate an expected family contribution (EFC) between $5,000 and $25,000. The scholarship is renewable each year up to a total of four years or $8,000. Applications are accepted January 1 through May 15.
- State tax deduction or credit for contributions: Contributions to a Colorado 529 plan, to the extent of the contributor's Colorado taxable income, are deductible in computing Colorado taxable income. Rollover contributions are not eligible for the deduction.
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- Telephone: 1-800-997-4295
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