Did you know: When you open a Maryland Senator Edward J. Kasemeyer College Investment Plan Account, you could be eligible for a $250 or $500 State contribution.
I’d say that’s worth checking out, wouldn’t you?
But that’s why I’m thrilled about what’s happening over here in the State of Maryland.
You can seriously put your kids’ future in motion with the Save4CollegeState Contribution Program.
Here’s the skinny. . .
Help For You To Start Saving Today For Your Kids’ College Education —
I’ll say it again: if you open a Maryland Senator Edward J. Kasemeyer College Investment Plan Account, you could be eligible for a $250 or $500 State contribution.
Find out more and get started today at: Maryland529.com/Save4College
If it makes it easier, check out this quick video:
Okay, so how does it work?
- The Beneficiary must be a Maryland resident.
- The Account Holder’s Maryland taxable income cannot exceed $112,500 as an individual or $175,000 as a couple based on the previous taxable year.
- You must open a MICP Account or have opened an Account after December 31, 2016
- You must make at least a minimum contribution to the Account, and submit your application for the Save4College State Contribution Program by 11:59 pm on May 31.
I think it’s really cool that the State of Maryland and Maryland 529 are teaming up to help make it easier for our kids’ dream of attending college come true. Don’t you?
All you have to do is open an Account in the Maryland Senator Edward J. Kasemeyer College Investment Plan (also referred to as the Maryland College Investment Plan or MCIP), and you could be eligible for a $250 or $500 contribution from the State of Maryland. That’s $250 or $500 contribution from the State of Maryland.
That’s IT! Your savings can be used at virtually any U.S. college, technical or trade school—and even international universities that have a federal school code—for qualified eligible expenses such as tuition, fees, room and board, etc.
Have some questions? I bet you do. (This can be confusing!)
When do I need to make a contribution?
- Visit Maryland529.com/Save4College/FAQ for additional information. If you open an Account to apply for the Save4College State Contribution Program, the initial contribution requirement that generally applies to new Accounts will be waived. To be eligible to receive the State contribution, however, you must make the minimum contribution of $25, $100, or $250, based on your household income, by November 1.
When will I be notified that I am eligible for the State contribution?
- Applicants who meet the initial eligibility requirements to receive the 2019 State contribution will receive written notification in the latter part of the summer, once the application window has closed and the Office of the Comptroller of Maryland has completed the income verification. The final notification will be sent out in December once the contribution window closes and state funding is secured.
When will I receive the money in my account?
- If an applicant is determined to be eligible and makes the required contribution by 11:59 pm on November 1, and if the State provides program funding, selected Accounts will receive a State Contribution by December 31 of the calendar year in which the Account Holder made the contribution. MCIP Account Holders who receive a State contribution are NOT eligible to receive an income deduction for contributions to any MCIP Accounts. Current MCIP Account Holders who do not receive a State contribution, however, are still eligible to receive a Maryland income tax deduction of up to $2,500 per year, per beneficiary.
What should you do right now?
- Apply by 11:59 pm on May 31
Learn more: Maryland529.com/Save4College
fyi: This post is sponsored by the good people at Maryland 529 but as always, opinions are all my own, influenced only by my experience as a parent and educator.
Please read the entire Enrollment Kit carefully before deciding to enroll. The Maryland Senator Edward J. Kasemeyer College Investment Plan Disclosure Statement provides investment objectives, risks, expenses and costs, Fees, and other information you should consider carefully before investing. If you or your beneficiary live outside of Maryland, you should compare Maryland 529 to any college savings program offered by your home state or your beneficiary’s home state, which may offer state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 plan.
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