According to the Federal Reserve, at the end of 2020 Americans owed more than $1.7 trillion in student loans.
Saving for college in a 529 now may help reduce your reliance on taking out loans to pay for education in the future.
There are two types of Maryland 529 - The Maryland Prepaid College Trust is a contract plan in which you can secure tomorrow’s tuition at today’s contract prices, and The Maryland College Investment Plan is similar to a 401(k) with a variety of investment options.
Applications are open now for the Save4College State Contribution Program, designed to help lower and middle income families get a jump start on their college savings.
Learn more about all of the Maryland 529 plans here.
