The College Savings Plans of Maryland -- Prepaid College Trust offers a variety of tuition packages to Maryl and District of Columbia families.
- Summary: The College Savings Plans of Maryland -- Prepaid College Trust offers a variety of tuition packages to Maryl and District of Columbia families.
- Program type: Prepaid contract
- Telephone: 1-888-463-4723
- Web site: Click here to visit
- Enrollment period: December 1, 2013 through April 7, 2014. Year round for newborns.
- State residency requirements: The account holder or beneficiary must be a Maryland or District of Columbia resident at the time of program enrollment.
- Contract prices: Prices for contracts purchased during the 2013-14 enrollment period range from as little as $4,331 for a one-year community college contract for a newborn to as much as $54,653 for a five-year university contract for a child in the ninth through twelfth grades.
- Are program benefits backed by the full faith and credit of the state? No
- Are program benefits collateralized or guaranteed in any other way? Yes, the legislature is required to consider, but not necessarily approve, an appropriation to cover any shortfall, repayable within two years.
- State tax deduction or credit for contributions: Contributions to the Maryland Prepaid College Trust of up to $2,500 per account per year are deductible in computing Maryland taxable income, with an unlimited 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.