Choosing a Plan

Finding the best plan for your family

You can open a 529 savings plan in any state. You don’t have to be a resident of that state, and your child doesn’t have to attend school there. However, most states offer incentives for you to choose their plan if you’re a resident.

Is Indiana’s 529 savings plan right for you?

Whether or not you’re an Indiana resident, Indiana’s plan is one of the best in the nation. It gives you nine different investment options and offers a state tax credit of up to $1,000 per year to Indiana residents. You can get started saving with as little as $10.

$10minimum contribution for Indiana’s CollegeChoice 529 direct savings plan

What Indiana’s plan offers

Indiana’s plan gives you:

  • Tax-deferred growth and tax-free withdrawals
  • Gift tax benefits
  • Estate planning benefits
  • Low minimum contributions and high maximum contributions
  • Low annual fees
  • A wide variety of investment options which remain in your name—meaning you have full control over them
  • Online account access

Extra perks for Indiana residents

Indiana residents who sign up for Indiana’s CollegeChoice 529 get even more benefits, including no annual account maintenance fee and a state income tax credit equal to 20 percent of your contributions, up to $1,000 per year.

Explore the CollegeChoice 529 plan

Get a 20 percent tax credit

Indiana’s CollegeChoice 529 plan gives Indiana residents a state income tax credit of up to $1,000 per year.

Find the plan that works for you

Not interested in Indiana’s plan? With 49 states and Washington, D.C., all offering 529 savings plans, you’re sure to find one that meets your needs. Here are a few factors to keep in mind.

Explore your options

Selecting the right plan may seem overwhelming. The College Savings Plan Network helps make it easier.

Decide how much help you want

Once you choose a state in which to open your savings plan, you’ll need to decide between a direct plan or an advisor plan. Be sure to weigh the advantages and disadvantages of each option.

Direct plans

With a direct plan, you’ll manage everything yourself, from research to purchasing to monitoring your savings. Advantages include lower fees and certain special incentives that may be available only to residents who choose a direct plan, while the main disadvantage is the time you’ll spend doing research.

Advisor plans

With an advisor plan, a financial advisor manages your account. They can offer professional advice and coordinate your college savings with the rest of your financial portfolio. They may also be able to invest your money in mutual funds that aren’t available if you choose a direct plan. Potential disadvantages are higher annual costs and sales charges.

Examine your investment choices

You can choose to create a portfolio where your investments don’t change over time, or one that becomes more conservative as your child gets closer to college age. Your options will vary based on the plan you choose.

Pay attention to fees

Fees can make a significant difference to your bottom line during the years leading up to your child’s college enrollment. When you’re comparing plans, make sure you take into account the various fees a plan will require.

See how funds have performed

Although past performance of an investment fund doesn’t guarantee future results, how a fund has historically performed relative to financial markets is a good way to measure its effectiveness. Consult Savingforcollege.com for more information on fund performance.

Take the next step

Learn how to set up your plan