Fact: You can use the assets in your College SAVE Plan account at any eligible educational institution around the country and abroad, including 2- and 4-year colleges, graduate schools (including law and medical), and vocational/technical schools.1 The assets can also be used towards 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.
Fact: You can use your College SAVE Plan account assets for any qualified higher education expenses, including tuition, fees, certain room and board costs, and computer-related expenses. You can also use your account to pay for fees, books, supplies, and equipment at certain apprenticeship programs and principal and interest on qualified education loans.2
Fact: You can open a College SAVE account with as little as $25. You can also set up payroll direct deposit for $25 per paycheck or a recurring contribution for $25 per month or $75 per quarter.3 To help families save more, College SAVE offers additional programs, like Ugift® — Give College Savings, which allows account owners to invite family and friends to make gift contributions, and Upromise® rewards, a service that lets account owners earn college savings when they shop online, dine out, and more.4
Fact: We've made it easy. College SAVE offers nine investment options, including age-based portfolios that adjust as your child ages, and individual portfolios that you control.
Fact: Even if your student is in high school, you can benefit from a 529 plan. Earnings grow federal tax-deferred in a College SAVE account, and when you withdraw the money for a qualified education expense, it's federal tax free.2 Any assets not used can be rolled over to another family member (as per Plan rules). And in North Dakota you can take state tax deduction on your contributions. Up to $10,000 annually as a married filer and $5,000 annually as a single filer.
Fact: There are no income limitations for the College SAVE Plan. In fact, as part of the tax advantages offered by a 529 plan, account owners can contribute $16,000 ($32,000 if married, filing jointly) in a single year without incurring a gift tax.
Fact: There's no maximum age for a 529 plan. Are you considering career retraining or an advanced degree? As long as your school is eligible, you can use your 529 plan assets — even if you’re not attending full-time.
Fact: The 529 plan account owner controls the account. That means you can change your designated beneficiary to another eligible "member of the family" (as per IRS rules) with no tax penalty.5
Fact: It's fast and easy to enroll online. You can open a College SAVE Plan account here.
Fact: Using Ugift, family members or friends can easily contribute to any of your accounts. Contributions can be made online or by check, with no service fees or registrations for the gift giver.
Fact: Parents, grandparents, aunts, uncles, friends...almost anyone can be an account owner.6 You can also open an account for your own education.
1An eligible institution is one that can participate in federal financial aid programs.
2Earnings on non-qualified withdrawals are subject to federal income tax and may be subject to a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.
3A plan of regular investment cannot assure a profit or protect against loss in a declining market.
4Upromise rewards is an optional service offered by Upromise, Inc., is separate from College SAVE, and is not affiliated with the State of North Dakota and Bank of North Dakota. Terms and conditions apply to the (College SAVE) service. Participating companies, contribution levels, and terms and conditions are subject to change at any time without notice. Upromise, Inc. is affiliated with Sallie Mae Bank.
5You should consult with a tax advisor when considering a change of the designated beneficiary.
6You must be a U.S. citizen or resident alien, have a Social Security number or tax Identification number, and have a permanent U.S. address (not a P.O. Box).
Ugift is a registered service mark of Ascensus Broker Dealer Services, Inc.
Ascensus Broker Dealer Services is the distributor of the North Dakota College SAVE plan, Learn more about Ascensus Broker Dealer Services, LLC on FINRA's BrokerCheck.
For more information about North Dakota's College SAVE Plan (College SAVE), call 1-866-SAVE-529 (1-866-728-3529) or click here to obtain a Plan Disclosure Statement. Investment objectives, risks, charges, expenses, and other important information are included in the Plan Disclosure Statement; read and consider it carefully before investing. Ascensus Broker Dealer Services, LLC (ABD) is Distributor of the College Save.
Please Note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You should also consult your financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state’s 529 college savings plan(s), or any other 529 plan, to learn more about those plans’ features, benefits, and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.
College SAVE is a 529 plan established by the State of North Dakota. Bank of North Dakota (Bank) acts as trustee of College SAVE Trust, a North Dakota Trust, and is responsible for administering College SAVE Trust and College SAVE. ABD, the Plan Manager, and its affiliates, have overall responsibility for the day-to-day operations of the Plan, including recordkeeping and marketing. The Vanguard Group, Inc. (Vanguard) provides underlying investments for the Plan. The College SAVE's Portfolios, although they invest in mutual funds, are not mutual funds. Units of the Portfolios are municipal securities and the value of units will vary with market conditions.
Investment returns are not guaranteed and you could lose money by investing in College SAVE. Participants assume all investment risks, including the potential for loss of principal, as well as responsibility for any federal and state consequences.
Not FDIC Insured. No Bank, State or Federal Guarantee. May Lose Value.
Vanguard and the ship logo are trademarks of The Vanguard Group, Inc. Upromise is a registered service mark of Upromise, Inc. All other marks are the exclusive property of their respective owners. Used with permission.
© 2023 Bank of North Dakota. Ascensus Broker Dealer Services, LLC, Member FINRA. All Rights Reserved.
