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MD College Investment Plan |
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State Provider: Maryland; Net Assets ($mil):
$1,680.4 as of
10-31-09 |
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T. Rowe Price runs the College Savings Plan of Maryland. Residents get a big break because they can deduct up to $2,500 of their annual contributions for each beneficiary from their state income taxes, and contributions in excess of $2,500 can be deducted in any of the following 10 years. The hallmarks of this plan are its reasonable costs and an outstanding group of underlying funds from T. Rowe Price. Total annual asset-based fees are well below industry norm, ranging from 0.68% to 0.96%. (Investors also pay a $25 annual account fee.) However, the plan isn't perfect. It has only one age-based option, which allocates 20% to equities for a college-aged beneficiary. While we aren't disagreeing with the merits of the plan's asset allocation strategy, we’d like to see more options for those who prefer a more conservative strategy during the draw-down years of college. On the whole, though, this is a strong option for both residents and non-resident investors.(Information as of 03/06/2009) |
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| Availability: Sales Channel |
Resident: Direct
Non-Resident: Direct
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| Annual State Tax Deduction |
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Up to $2,500 (S),
2,500 (J)
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| Max Investment/Beneficiary |
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$320,000 |
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(includes appreciation)
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| Mos. to Qualified Withdrawal |
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Age-Based Portfolios
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| Static Portfolios |
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| US Stock
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Bond |
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| Total International Funds: 28 |
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| Underlying Funds’ Ratings |
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| Overall Morningstar Rating |
# Equity
Funds |
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# Bond
Funds |
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| Ratings as of
10-31-09 |
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| Range |
0.28 |
| 529 Plan Avg |
0.8 |
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| Portfolio Expense Ratio Range |
| Fee to Change Beneficiary |
| Share Classes: Sales Charge |
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| Initial Purchase |
$250 |
$250 |
| Additional Purchase |
25 |
25 |
| Initial (AIP) |
25 |
25 |
| Additional (AIP) |
25 |
25 |
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