College SAVE is a 529 plan established by the State of North Dakota and administered by Bank of North Dakota.

Ascensus Broker Dealer Services, Inc., the plan manager for College SAVE, is the leading provider of administrative services for 529 plans.

Vanguard is the investment manager for College SAVE and is one of the nation's leading mutual fund managers. Vanguard is committed to providing a low-cost, wide-ranging choice of investments, including index portfolios, to help College SAVE participants accumulate the assets they need to send their children to college.

Upromise is a free to join rewards program that can turn every day purchases -- from shopping online to dining out, from booking travel to buying groceries -- into cash back for college. A percentage of your eligible spending will be deposited into your Upromise account. You can link your Upromise account to your eligible 529 account and have your college savings automatically transferred. Visit Upromise.com/NorthDakota to learn more and enroll.¹

Ugift - Give College Savings is an innovative service that lets you invite family and friends to celebrate milestones with a gift contribution to your College SAVE account. Learn more.

Anyone can contribute to an existing College SAVE account, but total contributions cannot exceed $269,000. The easiest way for third parties to contribute to your College SAVE account is to use Ugift. Please see the College SAVE Plan Disclosure Statement for complete information regarding contributions.

You can open a College SAVE account with as little as $25. You can also establish a recurring contribution with a minimum initial contribution of $25 per month or $75 per quarter.²

Subsequent contributions may be made by check, money order, recurring contribution, payroll direct deposit, EBT, transfer from a Upromise account, third-party checks payable to a participant or a designated beneficiary and properly endorsed to the Plan, Ugift - Give College Savings, or a rollover. The maximum contribution limit is $269,000.

It's easy! Enrolling online is the easiest way; just go to the Enroll Now section. You can also download an Enrollment Kit, fill it out and mail it in. Before you enroll, be sure to read the Plan Disclosure Statement. It contains important details regarding the College SAVE Plan. If you have questions at any time, you can call College SAVE at 1.866.SAVE.529.

College SAVE permits a custodian for a minor under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act (UGMA/UTMA) to apply funds held in an UGMA/UTMA account to open an account in the Plan and to fund additional contributions to such an account, subject to the laws of the state under which the UGMA/UTMA account was established. You should consult with a tax advisor before using UGMA/UTMA assets to fund a 529 plan account.

Yes. The participant retains control of the account's assets, including when and how the assets are used.

The designated beneficiary may be of any age, from newborn to adult, as long as they have a Social Security number or taxpayer identification number. There are no restrictions on a designated beneficiary's state of residence or income. You do not have to be related to the designated beneficiary and you can even open a College SAVE account for yourself.

No. The designated beneficiary must have a Social Security number or taxpayer identification number. However, you may open an account with you as the designated beneficiary and then change the name of the beneficiary to the child upon birth.

You can change the designated beneficiary on your account at any time provided that the new designated beneficiary is an eligible Member of the Family of the former designated beneficiary.

You have three options if your beneficiary decides not to go to college:

• Stay invested. You can leave the money in your account in case the designated beneficiary decides to attend school at a later time. There is no age - or time - limit for using the money.
• Change the designated beneficiary. You can change the designated beneficiary on your account at any time provided that the new beneficiary is an eligible Member of the Family of the former beneficiary. Please see the Plan Disclosure Statement for more information on who qualifies.
• Withdraw the money for other uses. The earnings portion of a withdrawal not used for a designated beneficiary's qualified education expenses is subject to federal and state income taxes and may be subject to a 10% federal penalty tax. (For exceptions to this penalty, please see the Plan Disclosure Statement.)

Additionally, any accumulated earnings that are withdrawn from your account must also be reported on the recipient's income tax return for the year in which they are withdrawn. Contact your tax advisor to determine how to report a non-qualified withdrawal.

No. The money in your College SAVE account may be used at any eligible higher education institution in the United States or abroad that qualifies under federal guidelines. This includes most 2- and 4-year public and private colleges and universities, graduate and post-graduate schools, and certain technical and vocational schools. To check on the eligibility of a school, please click here

As of 2018, for federal tax benefit purposes, qualified expenses also include tuition of up to $10,000 per student per year in connection with enrollment or attendance at an elementary or secondary public, private, or religious school (K-12). In addition, North Dakota taxpayers can use College SAVE 529 assets to pay for expenses for tuition in connection with enrollment or attendance for K-12 with no state tax consequences. State tax treatment of K-12 withdrawals is determined by the state where the taxpayer files state income tax. If you’re not a North Dakota taxpayer, please consult with a tax advisor.

Federal legislation now allows rollovers from 529 plans to Achieving a Better Life Experience (ABLE) accounts without incurring federal taxes up to the annual ABLE contribution limit. North Dakota allows for rollovers of College SAVE 529 assets to ABLE accounts without incurring North Dakota state taxes.

Your returns are never guaranteed and your account value will fluctuate with market performance. As with any investment in securities, you can lose money by investing in College SAVE. Keep in mind that the holding period for college investors is short (generally 5 to 20 years), and you should consider investing more conservatively as the time approaches for you to begin making distributions. Before you select an investment option, you should carefully consider your investment time horizon and risk tolerance.

You can change the direction of your future contributions at any time. Federal law permits you to move the assets in your College SAVE account to a different mix of investment options up to two times per calendar year or whenever you change the account's designated beneficiary.

Yes. Refer to the Plan Disclosure Statement or go to the Investments section of our website.

You can obtain performance figures for the Plan's portfolios in the Investments section of this website.

The returns displayed on the website reflect past performance, are net of all asset-based fees, and are not a guarantee of future performance. Keep in mind that you do not actually own shares in the underlying funds. Instead, you own portfolio units of College SAVE, which means the returns for a particular portfolio will differ from the returns of the underlying funds.

No. Each target enrollment option’s investments will automatically shift from a growth-oriented allocation to a more conservative mix based on the year the beneficiary is expected to enter their education program.

Yes. North Dakota taxpayers can take a special tax deduction - up to $10,000 if married, filing jointly; up to $5,000 if single - from their state taxable income for contributions into the College SAVE Plan.⁴ A North Dakota tax payer may only receive this tax deduction if they contribute to College SAVE. You do not need to be the account owner in order to receive the tax deduction on your contributions to a College SAVE account.

 

• Gift-tax free: You can contribute up to $38,000 if married, filing jointly ($19,000 if single) per designated beneficiary each year without incurring gift taxes.
• Accelerated gifting: There is also a special provision that lets you make up to five years' worth of gifts to your designated beneficiary in one year without incurring gift taxes ($190,000 if married, filing jointly; $95,000 if single) and elect to apply the contribution against the annual exclusion equally or over a five-year period.⁵

 

Qualified education expenses can include tuition, mandatory fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution, including certain room and board costs during any academic period the beneficiary is enrolled at least half-time; computers and peripheral equipment, computer software, Internet access and related services (if such computer equipment, software or services are used primarily by the designated beneficiary while enrolled at an eligible educational institution); and certain expenses for a special-needs student.³ As of 2018, qualified education expenses also include tuition of up to $10,000 per student in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Qualified education expenses also include fees, books, supplies, and equipment for certain apprenticeship programs and principal and interest on qualified education loans for the beneficiary or any of the beneficiary’s siblings.

The earnings portion of a distribution not used for a designated beneficiary's higher qualified education expenses is subject to federal and state income taxes and a 10% federal penalty tax. Exceptions to this penalty include a distribution made because the designated beneficiary:

• Has died (if paid to a beneficiary of the Designated Beneficiary or the estate of the Designated Beneficiary).
• Has become disabled.
• Received a scholarship, to the extent the distribution amount does not exceed the scholarship amount.
• Has enrolled in the United States Military Academy, the United States Naval Academy, the United States Air Force Academy, the United States Coast Guard Academy, or the United States Merchant Marine Academy, to the extent that the amount of the distribution does not exceed the costs of education attributable to such attendance.

Any accumulated earnings that are withdrawn from your account must be included on the income tax return of the recipient for the tax year in which they are distributed. Contact your tax advisor about how to report a non-qualified distribution.

 

• By electronic bank transfer (one-time contributions, from your checking or savings account).
• By recurring contribution² (scheduled contributions in set amounts from your checking or savings account).
• By payroll direct deposit² (through participating employers only).
• By check (made payable to College SAVE).
• By rollover from another 529 plan.
• By transfer from a Coverdell Education Savings Account or a Series EE or I U.S. Savings Bond.
• By transfer from an UGMA/UTMA account.⁶

We will not accept contributions made with cash, traveler's checks, starter checks, bank courtesy checks, credit cards, credit card checks, instant loan checks, foreign checks not in U.S. dollars, checks dated more than 180 days prior to when we receive it, post-dated check, check with unclear instructions, or any other check the Plan deems unacceptable. We also will not accept non-cash assets, such as mutual fund shares or other securities.

If we receive your request on a business day that the New York Stock Exchange (NYSE) is open for trading and prior to close (generally 4:00pm ET, Monday through Friday), your transaction will be processed with the current day as the trade date. In the event your request is received after the close of the NYSE, then your request will be processed using a trade date of the following business day. All checks should be made payable to College SAVE.

If you request an electronic bank transfer on a business day by 10 p.m., Eastern Time, you will receive a trade date of the next business day. Your purchase will be made at that day's closing price for units of the applicable portfolio. Your bank account will be debited on the business day following the trade date.

If you request an electronic bank transfer after 10 p.m. Eastern Time on a business day, you will receive a trade date of the second business day after your request date. Your bank account will be debited on the business day following the trade date (i.e., the third business day after your request date).

Your bank account will be debited on the day you designate, provided the day is a regular business day. If the day you designate falls on a weekend or a holiday, the recurring contribution will occur on the next business day. You will receive a trade date of one business day prior to the day the bank debit occurs. For example, if the 15th of every month was selected as the debit date and the 15th falls on a business day, then the trade date for the transaction will usually be the 14th. If you indicate a start date that is within the first four days of the month, there is a chance that your investment will be credited on the last business day of the previous month. Please note that recurring contributions with a debit date of January 1, 2, 3 or 4 will be credited in the same year as the debit date. The first debit of a recurring contribution must be at least three days from the receipt of the recurring contribution request. Quarterly recurring contributions will be made on the day indicated every three months, not on a calendar quarter basis. If no date is designated, your bank account will be debited on the twentieth day of the month. (If the twentieth is not a business day, the debit will be made on the next business day.)

You must have a personal checking or savings account held with a U.S. financial institution that is a member of the Automated Clearing House (ACH) network. You cannot use a passbook savings account for a recurring contribution or EBT option. Generally, money market accounts are not eligible.

No. Most mutual fund companies are not members of the ACH network.

There is no limit to the number of accounts a participant or designated beneficiary may have. In fact, participants and designated beneficiaries may have multiple accounts in multiple states.

You can maintain your account and continue to make contributions no matter where you live in the United States.

Yes, 529 Plan account owners can withdraw assets without adverse federal income tax consequences if assets are used to pay principal and interest on qualified education loans of the beneficiary or any of the beneficiary’s siblings. State treatment of withdrawals is determined by the state where the taxpayer files income tax. If you are not a North Dakota taxpayer, please consult with a tax advisor. Learn more here.

No. You can use your College SAVE assets toward the costs of any eligible public or private, 2-year or 4-year college, graduate school, vocational school, or technical institute nationwide. In fact, many U.S. colleges and universities now have campuses or locations outside of the country, where money from your College SAVE account can be used. To check on the eligibility of a school, please click here.

College SAVE does not require the student to attend college immediately after graduating high school. There are no restrictions on when you can use your account to pay for qualified education expenses.

You have three options if your beneficiary decides not to go to college:

• Stay invested. You can leave the money in the account in case the designated beneficiary decides to attend school at a later time. There is no age - or time - limit for using the money.
• Change the designated beneficiary. You can change the designated beneficiary on your account at any time provided that the new beneficiary is an eligible Member of the Family of the former beneficiary. Please see the Plan Disclosure Statement for more information on who qualifies.
• Withdraw the money for other uses. The earnings portion of a withdrawal not used for a designated beneficiary's qualified  education expenses is subject to federal and state income taxes and may be subject to a 10% federal penalty tax. (For exceptions to this penalty, please see the Plan Disclosure Statement.)

Additionally, any accumulated earnings that are withdrawn from your account must also be reported on the recipient's income tax return for the year in which they are withdrawn. Contact your tax advisor to determine how to report a non-qualified withdrawal.

Qualified distributions can be requested either online, or by submitting a Distribution Request Form. Proceeds from qualified distributions can be sent to the participant, the designated beneficiary, or the higher education institution.

Non-qualified distributions must be requested by submitting a Distribution Request Form. Proceeds from non-qualified distributions can be sent to the participant or the designated beneficiary.

 

• For distributions requested online (qualified distributions only): If we receive your request on a business day that the New York Stock Exchange (NYSE) is open for trading and prior to close (generally 4:00pm ET, Monday through Friday), your transaction will be processed with the current day as the trade date. In the event your request is received after the close of the NYSE, then your request will be processed using a trade date of the following business day. Proceeds can be sent by check or by electronic transfer to your bank account. Proceeds by check will be mailed to the recipient typically within three business days. Allow 10 business days for the check to be received. To receive proceeds by electronic bank transfer, you must have established banking instructions on your account at least 15 business days prior to your distribution request. For a mailing address change, distributions will be held for 15 business days if proceeds are requested by check to the participant or to the designated beneficiary.
• For distributions requested by submitting a Distribution Request Form: If we receive your request on a business day that the New York Stock Exchange (NYSE) is open for trading and prior to close (generally 4:00pm ET, Monday through Friday), your transaction will be processed with the current day as the trade date. In the event your request is received after the close of the NYSE, then your request will be processed using a trade date of the following business day. . A check will be mailed to the appropriate recipient within three business days. Allow 10 business days for the check to be received. For a mailing address change, distributions will be held for 15 business days if proceeds are requested by check to the participant or to the designated beneficiary.

During unusual conditions such as when the NYSE is closed and during emergency circumstances as determined by the U.S. Securities Exchange Commission, or during heavy year-end processing, distribution requests may take up to five business days to process. Please allow 10 business days for the proceeds to reach you.

You can withdraw money at any time, but if the distribution includes uncollected assets, your distribution proceeds will be held for up to 10 business days for checks and five business days for electronic transfers.

The plan will generate a Form 1099-Q in January of the calendar year following a year in which there was a distribution from the account. The recipient of the 1099-Q will be either the participant or the designated beneficiary, depending upon who received the proceeds of the distribution. Distributions sent to the participant will be reported under the participant's Social Security number or taxpayer identification number. Distributions sent to the designated beneficiary or to an educational institution will be reported under the designated beneficiary's Social Security number or taxpayer identification number, per IRS guidelines.

You cannot transact directly with your Match account, only with your Individual College SAVE account. All withdrawals occur ONLY when transacting with the Individual College SAVE account you have always transacted on.

If you have been awarded a Match account, money is only transferred as a qualified withdrawal when it is requested to be sent to the eligible educational institution from the Individual College SAVE account that you transact on. Then, and only then, will money be first taken from your Match account until the balance reaches zero. Assets held in the Match account will automatically be withdrawn before assets held in the account owner’s Individual College SAVE account. In the event you have been awarded a Match and request a qualified withdrawal other than to the eligible educational institution, the qualified withdrawal will only be taken from the Individual College SAVE account.

Yes. Eligible North Dakota residents can apply for a BND Match even if they have received a New Baby Match (and vice versa).⁷ Contributions to meet program parameters are applied to the New Baby Match first.

The Kindergarten Kickoff Match program is offered to North Dakota account owners with beneficiaries ages 5 and 6. If you already have a College SAVE account, and you have a beneficiary that fulfills the age requirement, you log onto the child’s account and opt into the program. You must contribute $100 within 12 months of applying for the Match, or before your child turns 7 years old (whichever comes first) in order to receive the full match.