California 529 Plan

California offers two 529 college savings plans.  One is a tradition 529 savings plan called ScholarShare College Savings Plan and the other is an advisor-sold tuition plan called ScholarShare Advisor College Savings Plan.

ScholarShare College Savings Plan

ScholarShare College Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type: Direct - this California 529 plan can be purchased directly.

Fund Family: Fidelity Investments

Minimums: To get started you can deposit $50. The minimum subsequent contribution to California's 529 plan is $25, and with an automatic plan, a subsequent contribution can be as little as $15.

Maximum Contributions:  You can contribute up to $320,000 to your California 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  In and out-of-state participants get the federal tax benefits.

Residency: The ScholarShare College Savings Plan is open to all United States residents, not just those in California.

You can learn more about the this 529 plan at the official web site.

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ScholarShare Advisor College Savings Plan

The ScholarShare Advisor College Savings Plan is a traditional 529 plan and may be purchased through a financial advisor.

Type: Advisor.  Please contact a financial advisor in your state for assistance.

Fund Family: Fidelity Investments

Minimums: Accounts are $1,000 to open, and the minimum subsequent contribution is $50.

Maximum Contributions:  Currently, you can contribute up to $320,000 to your ScholarShare Advisor College Savings Plan

Tax Benefits:  In and out-of-state participants get the federal tax benefits.

Other Benefits: Through your ScholarShare Advisor College Savings Plan, you have the option to be a part of a reward program set up by Fidelity Investments. By making purchases with you card, the reward program offers 1.5% of purchases that convert into rewards points, and ultimately convert into account contributions.

Residency: The ScholarShare College Savings Plan is open to all United States residents.

You can learn more about the this 529 plan at the official web site.