College Savings Plans Chart

2505(c) Trust Virginia Prepaid Education Program® 2503 (c) Trust CollegeAmerica® Available only through financial advisers CollegeWealth® Available only through participating banks Internal Revenue Code § 529 prepaid tuition plan Internal Revenue Code § 2503 (c) grandparents trust Internal Revenue Code § 529 savings plan Internal Revenue Code § 529 savings plan Expenses covered In-state undergraduate tuition All mandatory fees May be used for all IRC § 2503529 expenses Tuition and fees Room and board Textbooks and required supplies and equipment May be used for all IRC § 529 expenses Tuition and fees Room and board Textbooks and required supplies and equipment May be used for all IRC § 529 expenses Tuition and fees Room and board Textbooks and required supplies and equipment Guarantee Program backed by statutory guarantee Lock in future costs of in-state undergraduate tuition and mandatory fees at Virginia public colleges for normal, full-time course load for a general course of study No guarantee Investments subject to market conditions Savings may not be sufficient to cover all college costs No guarantee Investments subject to market conditions Savings may not be sufficient to cover all college costs FDIC insured to max amount allowed by law Savings may not be sufficient to cover all college costs Not guaranteed by the Commonwealth of Virginia Tax advantages Tax-free earnings Tax-free qualified distributions Favorable federal estate and gift tax provisions Virginia income tax deduction for account owner Tax advantages Tax-free earnings Tax-free qualified distributions Favorable federal estate and gift tax provisions Virginia income tax deduction for account owner Tax advantages Tax-free earnings Tax-free qualified distributions Favorable federal estate and gift tax provisions Virginia income tax deduction for account owner Tax advantages Tax-free earnings Tax-free qualified distributions Favorable federal estate and gift tax provisions Virginia income tax deduction for account owner Protection from creditors under Virginia law Protection from creditors under Virginia law Protection from creditors under Virginia law Protection from creditors under Virginia law Use at any accredited college in the country eligible to accept federal financial aid Use at any accredited college in the country eligible to accept federal financial aid Use at any accredited college in the country eligible to accept federal financial aid Use at any accredited college in the country eligible to accept federal financial aid Age limits Newborn through ninth grade No age limits Adults and children No age limits Adults and children  No age limits Adults and children Limited enrollment period Enrollment open all year Enrollment open all year Enrollment open all year through participating banks State residency requirements No state residency requirements No state residency requirements No state residency requirements Maximum 5 year university and 3 year community college contracts $350,000 account lim Content from and Citation to Commonwealth of Virginia