College & Career

Maryland

College Savings Plans of Maryland -- College Investment Plan
5 Cap Ratings
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Summary

T. Rowe Price manages the College Savings Plans of Maryland -- College Investment Plan and utilizes its mutual funds in age-based and static portfolio options.

Program Details
  • Summary: T. Rowe Price manages the College Savings Plans of Maryland -- College Investment Plan and utilizes its mutual funds in age-based and static portfolio options.
  • Program type: Savings
  • Program manager: T. Rowe Price Associates, Inc.
  • State residency requirements: None
  • Maximum contributions: Accepts contributions until all account balances in Maryland's 529 plans for the same beneficiary reach $350,000.
  • Minimum contributions: The minimum contribution requirements are a lump sum of $250 or, signing up for automatic monthly contributions of at least $25. The minimum for subsequent contributions is $25. .
  • Age-based investment options: The Enrollment-Based Portfolios contain 8 portfolios of underlying mutual funds, ranging from 100% equity to 20% equity. Contributions are placed into the portfolio corresponding to the number of years to expected enrollment based on the age of the beneficiary or as selected by the account owner. 7 portfolios shift to a more conservative investment allocation over time, eventually transferring to the Portfolio for College.
  • Static investment options: Select among 2 multi-fund portfolios (Equity Portfolio and Balanced Portfolio) and 4 individual-fund portfolios (U.S. Treasury Money Market Portfolio, Inflation Focused Bond Portfolio, Bond and Income Portfolio, and Global Equity Market Index Portfolio).
  • Underlying investments: T. Rowe Price mutual funds.
  • Enrollment or application fee: None.
  • Account maintenance fee: $10 annually for accounts with less than $25,000, waived with automatic investments.
  • Program management fees: 0.20% manager fee; 0.01% for the U.S. Treasury Money Market Portfolio
  • Expenses of the underlying investments: Ranges from 0.06% to 0.68% (portfolio weighted average).
  • Total asset-based expense ratio: 0.07% - 0.88%
  • Program match on contributions: None.
  • State tax deduction or credit for contributions: Contributions to the Maryland College Investment Plan of up to $2,500 per beneficiary per year by an individual, and up to $5,000 per beneficiary per year by married taxpayers who each make contributions to their own accounts, are deductible in computing Maryland taxable income, with a 10-year carryforward of excess contributions. Only contributions made by the account owner are deductible. Rollover contributions are deductible if not previously deducted. Contribution deadline is December 31 postmark.
  • Web site: Click here to visit, Enrollment Kit
  • Telephone: 1-888-463-4723
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