College & Career

Tennessee

Tennessee's BEST Prepaid College Tuition Plan
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Summary

Tennessee's BEST Prepaid College Tuition Plan was closed to new enrollments on November 22, 2010. The plan will terminate on November 30, 2015. All accounts will be closed and assets may be refunded or rolled into another 529 savings plan without a penalty. Beneficiaries currently enrolled or accepted in college or who will graduate within three years of the termination date can choose to keep their purchases in the plan or get a refund at the current payout value.

Program Details
  • Summary: Tennessee's BEST Prepaid College Tuition Plan was closed to new enrollments on November 22, 2010. The plan will terminate on November 30, 2015. All accounts will be closed and assets may be refunded or rolled into another 529 savings plan without a penalty. Beneficiaries currently enrolled or accepted in college or who will graduate within three years of the termination date can choose to keep their purchases in the plan or get a refund at the current payout value.
  • Program type: Prepaid unit / guaranteed savings
  • Enrollment period: Closed to new enrollment as of November 22, 2010.
  • State residency requirements: The account owner or beneficiary must be a Tennessee resident at the time of program enrollment.
  • Maximum contributions: Accepts contributions until all account balances in Tennessee's 529 plan for the same beneficiary reach $235,000.
  • Minimum contributions: With lump-sum contributions, the minimum initial contribution is one unit, and subsequent contributions can be any amount. With automatic investments from a bank account, the minimum contribution level is $25.
  • Current value of one unit: $88.48 from August 1, 2015 until July 31, 2016
  • Current unit price: Not accepting contributions or new enrollments as of November 22, 2010.
  • Are program benefits backed by the full faith and credit of the state? No
  • Are program benefits collateralized or guaranteed in any other way? No
  • State tax deduction or credit for contributions: Not applicable. Tennessee does not have a personal income tax.
  • Web site: Click here to visit
  • Telephone: 1-888-486-2378
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