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Private College 529 Plan

Prepaid Plan

Prepaid Plans let you pre-pay all or part of the costs of a college education. They may also be converted for use at private and out-of-state colleges. Because of the unique structure of these plans, they are not considered in our ratings methodology.

Private College 529 is a prepaid tuition plan that allows families to lock in current tuition rates at hundreds of colleges and universities nationwide, guaranteed by the schools. There are no state residency requirements to save, and tuition may be redeemed at any school in the plan. (See "eligibility" for details.) The plan is sponsored by Tuition Plan Consortium, LLC, which has appointed Alta Trust Company as program trustee, Intuition College Savings Solutions (Catalis) as program administrator, and Charles Schwab as custodian.

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OVERVIEW

Program type

Institutional prepaid contract

Enrollment period

Open year-round

Inception

2003

State agency

This is not a state-sponsored program. The sponsor is Tuition Plan Consortium LLC (TPC), a non-profit membership organization composed of participating colleges and universities. TPC is responsible for the plan design, qualification under Section 529, oversight of the program trust, and administration of the plan. TPC is authorized to appoint the trustee of the qualified trust that is required to be established under the plan. TPC has appointed Alta Trust Company as program trustee to provide trust services. TPC is authorized under the plan documents to engage service providers to perform certain functions on its behalf and has engaged Intuition College Savings Solutions (Catalis), as program administrator, and Charles Schwab, as custodian, to provide certain services.

Tax deduction

For single filers: None

For joint filers: None

Program manager

Intuition College Savings Solutions, LLC (Catalis)

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

Individuals at least 18 years old, UGMA/UTMA custodians, and legal entities.

Significant time or age restrictions imposed by the program:

A minimum of 36 months must lapse between the initial purchase date of a Tuition Certificate and its first redemption. A Tuition Certificate must be used by the 30th anniversary of its purchase or it will be cancelled for the refund amount. A refund may be requested only after 12 months have expired since the initial purchase date.

Did you know?

You can lock in tuition rates and lower your costs with a prepaid plan.
Prepaid tuition plans let you pay future college costs at today's prices, protecting against tuition increases.
Opening a prepaid plan is easy.
You can enroll by filling out the form on the plan's website.

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Contributions

Maximum contributions:

Cost of five years of full-time undergraduate tuition and mandatory fees at the highest-cost participating institution.

Minimum contributions:

$25, but contributions must reach $500 within two years of opening an account. An installment payment plan provides for payments of as little as $25 per month over a two-year period.

Investment Options

Portfolio Fees & Performance Lookup

Contractual Features

Contract prices:

Ranges from a minimum of $25 to as much as the cost of five years of undergraduate tuition and mandatory fees at the highest-cost participating institution. Account owners must contribute a minimum of $500 within two years of opening an account. An automatic contribution plan is available.

Available tuition packages:

A Tuition Certificate is issued for each program year based on all payments made for the beneficiary during that program year (July 1- June 30). Total Tuition Certificates may not exceed five years of undergraduate tuition and mandatory fees at the highest-cost participating institution. Tuition Certificates may be redeemed for a pre-determined percentage of tuition at any of the hundreds of participating institutions. The particular college to be attended is not identified at the time of certificate purchase. Private College 529 Plan continually recruits new colleges into the program, and any college coming in must agree to accept Tuition Certificates from existing participants.

Benefits for beneficiary attending private or out-of-state institution:

If the beneficiary does not attend a member institution, an account owner may name another beneficiary or request a full or partial withdrawal of an account. Tuition Certificates must be held for 12 months before they are eligible to be withdrawn. The withdrawn value will be based on the amount contributed, adjusted for net investment returns up to a maximum increase of 2 percent per year compounded annually.

Contract payment options:

Lump sum, automatic bank transfers, or payroll deduction.

Are program benefits backed by the full faith and credit of the state?

N/A, not a state-sponsored program. However, each participating institution makes a binding commitment to accept Tuition Certificates in payment of tuition and mandatory fees. Payments received by the program are pooled in a qualified trust fund with investments managed by Alta Trust Company.

Are program benefits collateralized or guaranteed in any other way?

Yes, Tuition Certificates are guaranteed by all member institutions for tuition and mandatory fees, as described above.

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

Taxes and other Benefits

Tax deduction for single filers:

None

Tax deduction for joint filers:

None

Note:

Other doesn't offer tax deductions

Program match on contributions:

None.

State tax deduction or credit for contributions:

State tax deductions may be available in some states known as "tax-parity" states, which provide a state income tax deduction or credit for contributions to any 529 plan. These states include Arizona, Arkansas, Kansas, Maine, Minnesota, Missouri, Montana, Ohio and Pennsylvania.

State tax treatment of qualified distributions:

All states that impose an income tax generally exempt all 529 distributions used for Qualified Higher Education Expenses, including those from Private College 529 Plan.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Not applicable. Not a state-sponsored program

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Did you know?

Prepaid plans help you avoid market risk.
Unlike investment-based 529 plans, the value of your prepaid tuition plan won't fluctuate with the stock market, offering stability.
Opening a prepaid plan is easy.
You can enroll by filling out the form on the plan's website.

Enroll Now

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Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution or account owner; qualified distributions to account owner require substantiating documentation.

Account Changes

Policy regarding participant/owner changes:

Ownership may not be transferred except in the case of an involuntary transfer such as death.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

https://privatecollege529.com/

Telephone:

1-888-718-7878

Social Media

https://www.facebook.com/CollegeWell/ https://www.linkedin.com/company/collegewell

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