Minnesota 529 Plan
Minnesota offers one 529 college savings plan, a direct-sold plan called the Minnesota College Savings
Plan. Saving for college has never been easier thanks to the Minnesota 529 Plan.
Minnesota College Savings Plan
Minnesota 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 Minnesota 529 plan can be purchased directly from the state.
Fund Family: TIAA-Cref
Minimums: To get started you can deposit $25, or if you choose the automatic monthly
plan, you can open an account with $15. Minimum subsequent contributions are $25 and $15 with the automatic
Maximum Contributions: Currently, you can contribute to your Minnesota 529 plan until the aggregate
account balance reaches $235,000. 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
Tax Benefits: In and out-of-state participants get the federal tax benefits. Minnesota
residents pay no state income tax on earnings used to pay for qualified education expenses.
Residency: The Minnesota College Savings Plan is open to all United States residents, not
just those in Minnesota.
You can learn more about Minnesota’s 529 plan at the official website http://www.mnsaves.org/.