College & Career

Indiana

CollegeChoice 529 Direct Savings Plan
5 Cap Ratings
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Summary

In September 2008, Upromise Investments 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 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: Upromise Investments, Inc.
  • 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 0.15% in the Age-based option and from 0.02% to 0.64% in the Individual portfolios (portfolio weighted average). None in the Savings Portfolio.
  • Total asset-based expense ratio: 0.27% - 0.91%
  • 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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