College Savings Plans of Maryland Encourages Families to Stay on Track with the College Savings Checklist
The College Savings Plans of Maryland, the independent Maryland State agency that offers two tax-advantaged 529 plans – the Prepaid College Trust and the College Investment Plan – has released an easy-to-use “College Savings Checklist” to help Maryland families develop a smart college savings strategy and help relieve their children of future student debt. The checklist features key dates of opportunities to learn more about the plans as well as important deadlines for taking full advantage of their benefits.
“The prospect of saving enough money for a child’s college education is often overwhelming for families to think about; however our message is that every little bit helps. Every dollar saved for college today is one less dollar that may need to be borrowed and repaid down the road,” said Joan Marshall, executive director, College Savings Plans of Maryland. “We created the College Savings Checklist to encourage families to learn more about the available options and hopefully help them start on their paths to saving.”
Highlighted dates on the checklist include:
- December 1, 2012 – April 8, 2013: The enrollment period for the Maryland Prepaid College Trust is open, giving families an opportunity to lock in tomorrow’s tuition at today’s prices, backed by a Maryland legislative guarantee.
- December 12 and December 27: College Savings Plans of Maryland will be hosting free webinars to give families an opportunity to ask questions and learn more about its plans.
- December 31, 2012: All contributions to either the Maryland Prepaid College Trust or Maryland College Investment Plan must be postmarked by December 31 to be eligible for a 2012 Maryland State income deduction. The College Savings Plans of Maryland are the only plans that qualify for a Maryland state income deduction.
The full College Savings Checklist is printed below:
The College Savings Plans of Maryland College Savings Checklist
September – October 2012
- Study up. Go to www.CollegeSavingsMD.org to view an enrollment kit and learn more about the plans.
- Consider saving in the College Investment Plan. (Prepaid College Trust enrollment doesn’t open until December.)
- Consider saving in the Prepaid College Trust, which opens for enrollment on December 1.
- Attend a free webinar with live Q&A on December 12 or December 27. Can’t make it? Visit www.CollegeSavingsMD.org/webinar to watch a pre-recorded webinar.
- Postmark your Plan contributions by December 31 to be eligible for a 2012 Maryland State income deduction. You can also contribute online if you register your bank information on your account by no later than December 14!
January – March 2013
- Still considering your options? Attend a parent information night to learn more. Go to www.CollegeSavingsMD.org for dates and locations. Additional webinar dates will also be available.
- Enroll in the Prepaid College Trust by April 8 to take advantage of current prices.
It’s never too early or too late to start saving. Visit CollegeSavingsMD.org for more information or call 1-888.MD.GRAD (463-4723) to speak with a representative.