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Thursday, August 18, 2022
Home Education education Free Save4College Funds Available

Free Save4College Funds Available

 Free Save4College funds are available, and applications for the State of Maryland contribution are now being accepted for 2022.
Families may be eligible to receive a $250 or $500.

What Are Save4College Funds?

Established in 2016, the Save4College State Contribution Program was designed to help families, especially those from low- and middle-income households, start saving for college, technical and trade schools for their children. Families that opened a Maryland College Investment Plan account after December 31, 2016 may be eligible for a $250 or $500 contribution to their account from the State.

In 2021, 24,056 eligible applications received a State contribution. 57% of applications received a $500 contribution. 43% of applications received a $250 contribution, for a total of $10,970,500.

“As the Save4College State Contribution Program enters its sixth year of operations, we are grateful to Governor Hogan and the Maryland General Assembly for their continued support,” said Maryland 529 Executive Director, Erin Layton. “Whether a child is pursuing a college degree, a trade, or participating in an apprenticeship program, it is exciting to see Maryland families get a jump start in saving in this truly unique program.”

Since the first application period in 2017, more than 89,000 eligible applications have received a $250 or $500 State contribution. To apply for the 2022 application period or for more information, visit www.maryland529.com/Save4College.

Eligibility Requirements for the 2022:

  • NEW! Beneficiaries must be under the age of 26 years in the calendar year before the Account Holder submits an application;
  • NEW! the Account Holder’s Maryland adjusted gross income for the previous year cannot exceed $112,500 as an individual or $175,000 as a jointly filing couple;
  • Beneficiary and the Account Holder must be Maryland residents;
  • MCIP Account must have been opened after December 31, 2016;
  • Account Holders are required to make a minimum contribution to the Account of $25, $100, or $250, depending on the Account Holder’s income bracket, by November 1, 2022;
  • Only one application per Account Holder/Beneficiary relationship can be submitted;
  • Beneficiary may only receive two (2) State contributions in any year. Account Holders who have previously received State contributions totaling $9,000 are no longer eligible.
  • Applicants filing Maryland taxes must do so by July 15th (regardless of any other extensions that may be available to filers).
Applications are due and in good order by 11:59 pm on May 31, 2022.
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