ANNAPOLIS, Md. (WMAR) - A new law doubles Maryland's contribution to college investment funds.
Governor Larry Hogan signed a bill on Tuesday that now provides up to $500 a year in state funding to applicants of the Maryland 529 College Investment Fund.
You must fall within a certain income bracket to be eligible for the additional money.
To qualify for the $500 contribution, account holders must make less than $87,500 as an individual or $125,000 as a married couple filing a joint tax return.
You can still qualify for a $250 contribution if you make more than $87,500 as an individual but less than $112,500, and more than $125,000 as couple but less than $175,000.
“The Save4College State Contribution program helps make a college education accessible and affordable for Maryland families and we are thrilled to see the contribution will increase from $250 to $500 for some families from low and middle income households who are eligible to apply.
- Michelle Winner, Public Relations and Marketing Program Manager, Maryland 529
The program also requires that someone open a Maryland 529 College Investment Fund after December 31, 2016. The deadline to apply is June 1.
You do not need to have kids to apply. The beneficiary must be a Maryland resident.
If granted the money, account holders must make a minimum contribution before November 1. The amount varies from $25 to $250 and is based on income.
For more information on the Maryland 529 Save4College Contribution Program, click here.
To see how much you can save over time, click here.