Some "529" college savings plans include the Utah Educational Savings Plan, the New York 529 College Savings Program, the Maryland College Investment Plan and the Virginia College America plan, as recommended by the Kiplinger website. Each of these plans are recommended for specific advantages, so it depends on the individual investors' needs as to which will be most suitable.Continue Reading
The Utah Educational Savings Plan, for example, is highly recommended for the level of customization it offers, according to Jane Bennett Clark and Nellie S. Huang of Kiplinger. It allows investors to put together a personalized portfolio and adjust it periodically.
For low fees, Clark and Huang recommend the New York-based 529 College Savings Plan. The average expense ratio as of 2014 was 0.17 percent, in contrast to the typical 0.76 percent, and there is no annual maintenance fee for this plan.
The Maryland College Investment Plan is recommended for investors looking for top-tier funds, such as those from T. Rowe Price, and a good age-based plan. From a child's birth until they turn 4 years of age, this plan holds 100 percent stocks, which adjust periodically to 23 percent by the age of 18. Typically, 529 plans allocate stocks at 80 percent from birth and reduce to just 10 percent by the child's 19th birthday.Learn more about Credit & Lending