Best 529 Plans

A 529 plan is a tax-advantaged education savings account that allows families to invest after-tax dollars for qualified education expenses, with earnings growing tax-free and withdrawals remaining tax-free when used for eligible educational costs.
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Candidly

Candidly

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Founded

2016

Employees

150

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About Candidly

Candidly® is an AI-native financial guidance platform that spans the full financial lifecycle, from planning for and repaying education costs to building savings and wealth. Employees don't experience their finances in tidy categories, so Candidly grounds its guidance in each person's real financial data and the benefits their employer offers, in real time and at any scale. Employees make progress on student debt and savings at the same time, employers see more of what they fund get used, and fewer one-off questions reach HR.

Candidly partners with leading employers and with financial services companies that serve the... Show More
my529

my529

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Founded

1996

Employees

78

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About my529

my529 (formerly Utah Educational Savings Plan/UESP) is a nonprofit, state-sponsored 529 college savings plan established by Utah in 1996; a direct-sold plan using Vanguard and Dimensional fund options. Any US resident 18+ can open an account; Utah taxpayers get a state tax credit. Funds cover qualified higher-education expenses, K-12 costs, student loan repayment, and apprenticeship expenses. Manages $25B+ in assets across 560,000+ accounts. Show More
Bright Start

Bright Start

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Founded

2000

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20

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About Bright Start

Bright Start is Illinois' direct-sold 529 college savings plan, sponsored by the State of Illinois and administered by the Illinois State Treasurer as Trustee. It is professionally managed by TIAA-CREF Tuition Financing, Inc. (TFI), with investment portfolios built using funds from Vanguard, PIMCO, Fidelity and T. Rowe Price. The plan offers triple tax advantages: tax-deferred growth, tax-free qualified withdrawals, and an Illinois state income tax deduction of up to $20,000 for joint filers. Established in 2000, Bright Start has helped families save more than $12.5 billion for over 345,700 students. Show More
CollegeInvest

CollegeInvest

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Founded

1979

Employees

35

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About CollegeInvest

CollegeInvest is Colorado's official 529 college savings program, established in 1979 as a not-for-profit division within the Colorado Department of Higher Education. It administers four tax-advantaged 529 plans (Direct Portfolio/Vanguard, Stable Value Plus/Nationwide, Smart Choice/PNC, Scholars Choice), holding over $14 billion in assets, and is self-supporting with no taxpayer funding. Its Employer Program partners with 900+ Colorado employers to deliver free 529 financial-wellness education, enable payroll direct deposit, and help businesses make direct employer 529 contributions eligible for a 20% Colorado state tax credit (up to $500/employee/year). Show More
Edvest

Edvest

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Founded

1997

Employees

1

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About Edvest

Edvest 529 is Wisconsin's direct-sold 529 college savings plan, administered by the Wisconsin Department of Financial Institutions with investment management by TIAA-CREF Tuition Financing. Its 'Edvest At Work' program lets employers offer employees payroll-deducted 529 contributions at no cost to the employer, functioning as a voluntary financial wellness benefit. The plan holds over $6.5 billion in assets for 249,000+ beneficiaries. Show More
SoFi

SoFi

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Founded

2011

Employees

4,400

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None

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About SoFi

SoFi at Work has been at the forefront of innovation in the student loan space for the better part of a decade. We were the first to introduce employer-sponsored student loan contributions, a groundbreaking initiative we pioneered with Apple in 2016. Our early adoption of the Student Loan Verification for SECURE Act 2.0 further demonstrated our commitment to modernizing how employers help their employees thrive financially. In 2023, in partnership with T. Rowe Price and CoStar, we won the Pension and Investments and DCIIA Excellence in Innovation Award for the rollout of the student loan retirement match service. Show More
Gradifi (Powered by Vestwell)

Gradifi (Powered by Vestwell)

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Employers can ease employee stress by contributing directly to their 529 college savings plans. They choose the contribution amount, frequency, and whether it increases over time. They can also add one-time bonuses. Every... Show More
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SavvyFi

SavvyFi

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600,000

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SavvyFi’s 529 Plan offering is designed to make education savings both accessible and advantageous for employees and their families.

Our platform seamlessly integrates with a leading, nationally-available 529 program,... Show More
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BenefitEd

BenefitEd

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Founded

2016

Employees

30

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About BenefitEd

BenefitEd offers tailored student loan repayment programs, tuition reimbursement, and college savings programs to employers looking to build highly competitive, differentiated benefits packages. We offer these programs directly to employers and through benefits brokers. Show More
Paidly

Paidly

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1 eligible

Lives Serviced

10,000

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Paidly allows for employers to easily contribute towards an employee's state-sponsored 529 savings plans on a monthly recurring or one-time payment basis. Paidly also allows employees to utilize its mobile app to accept... Show More
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Thrive Flexible Matching

Thrive Flexible Matching

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0

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College Foundation of North Carolina

College Foundation of North Carolina

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Founded

2001

Employees

130

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About College Foundation of North Carolina

College Foundation of North Carolina (CFNC) is a free service of the State of North Carolina helping students plan, apply, and pay for college — a collaboration of the NC State Education Assistance Authority, the UNC System/NC Community College System, and the nonprofit College Foundation, Inc. (CFI, founded 1955), which administers the tax-advantaged NC 529 College Savings Plan. Relevant to employers, CFNC/NC 529 offers a no-cost Employer Participation and Payroll Deduction program: employers register, receive an Employer Code, and submit payroll-deduction rosters each pay period so staff can automatically contribute to NC 529 accounts, at no cost or administrative burden... Show More
Connecticut Higher Education Trust (CHET)

Connecticut Higher Education Trust (CHET)

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Founded

1997

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0

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About Connecticut Higher Education Trust (CHET)

The Connecticut Higher Education Trust (CHET) is Connecticut's official 529 college savings plan, established in 1997 and sponsored by the Connecticut Office of the Treasurer. Since February 2021, CHET has been program-managed by Fidelity Investments (previously TIAA). The plan lets residents and nonresidents save tax-advantaged for higher-education, K-12, apprenticeship, and student-loan expenses, with a state income tax deduction of up to $10,000 (joint filers). Accounts can be funded via employer payroll direct deposit; Yale University, for example, offers CHET as a voluntary benefit with elections managed through Workday. Show More
Florida Prepaid

Florida Prepaid

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Founded

1987

Employees

24

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About Florida Prepaid

The Florida Prepaid College Board is a Florida state agency administering the Stanley G. Tate Florida Prepaid College Program and the Florida 529 Savings Plan, overseeing billions in assets to help families save for college. Many employers, including universities and state agencies, offer Florida Prepaid as a voluntary payroll-deduction benefit, and the Board runs an Employer Outreach program encouraging companies to promote the plan as a low-cost employee benefit and talent-retention tool. Show More
Franklin Templeton

Franklin Templeton

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Founded

1947

Employees

5,001

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None

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About Franklin Templeton

Franklin Templeton is a global investment management organization founded in 1947 in New York. Operating under brands including Franklin, Templeton, and various acquired asset managers, the firm offers mutual funds, ETFs, separately managed accounts, and retirement plan investment products, serving individual investors, financial advisors, and institutional clients including employer-sponsored retirement plans (401(k)/403(b) investment options). Headquartered in San Mateo, California, the firm is publicly traded (NYSE: BEN). Show More
FutureScholar

FutureScholar

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Founded

1865

Employees

8

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About FutureScholar

Future Scholar is South Carolina's 529 college savings plan, sponsored by the State of South Carolina and administered by the SC State Treasurer's Office, with Columbia Threadneedle Investments as program manager. It offers both a Direct-sold plan (SC residents) and an Advisor-sold plan (any state), with a $575,000 max contribution limit and full state tax deductibility for SC residents. Contributions can be made via lump sum, automatic monthly transfers, or payroll deduction, making it usable as an employer-offered financial wellness/education benefit. Show More
John Hancock Investment Management

John Hancock Investment Management

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Founded

1969

Employees

0

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About John Hancock Investment Management

Navigating the challenges of today’s markets requires unique talents and expertise on a global scale. That’s why we’ve spent the past three decades building an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from one of America’s most trusted brands. Learn more about our multimanager approach at jhinvestments.com/discover.
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Maryland 529

Maryland 529

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Founded

1997

Employees

9

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About Maryland 529

Maryland 529 is an independent, non-profit Maryland state agency that administers college and disabilities savings plans, including the Maryland College Investment Plan (managed by T. Rowe Price), available to residents of any state. Maryland residents can deduct up to $2,500 per beneficiary per year from state taxable income for contributions. As an employer-offered benefit, Maryland 529 plans are sometimes included in workplace financial wellness and voluntary benefits offerings. Show More
Michigan Education Savings Program (MESP)

Michigan Education Savings Program (MESP)

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Founded

2000

Employees

0

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About Michigan Education Savings Program (MESP)

The Michigan Education Savings Program (MESP) is Michigan's direct-sold 529 college savings plan, established in 2000 and administered by the Michigan Department of Treasury, with TIAA serving as plan manager since inception. Michigan residents can deduct up to $5,000 ($10,000 joint) annually from state income tax for contributions. The plan offers tax-deferred growth, tax-free qualified withdrawals, an enrollment-year option, multi- and single-fund options, and a principal-protection option, with accounts open for as little as $25 and no sales charges or maintenance fees. As of mid-2026 it held over $10.3B in assets across 341,000+ accounts. Commonly offered by employers as a... Show More
NY 529

NY 529

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Founded

1998

Employees

0

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About NY 529

New York's 529 College Savings Program Direct Plan is a state-sponsored, tax-advantaged plan open to any state's residents. Ascensus Broker Dealer Services is program manager; The Vanguard Group is investment manager. No enrollment/annual fees, low-cost Vanguard portfolios (~0.11% total fee), no minimum contribution. NY residents can deduct up to $10,000/year ($5,000 single) from state taxable income. Often offered by employers via payroll deduction as a voluntary benefit. Show More

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Frequently Asked Questions

What is a 529 Plan?

A 529 plan is a tax-advantaged education savings plan designed to help families save for qualified education expenses. Contributions grow tax-free, and withdrawals are tax-free when used for eligible educational costs like tuition, fees, books, and room and board at qualified institutions. Most states offer their own 529 plans, and some provide state tax deductions or credits for contributions.

How does a 529 Plan Work?

A 529 plan works by allowing you to contribute after-tax dollars into an investment account that grows tax-free. You choose from available investment options (typically mutual funds), and the money compounds over time without tax consequences. When you withdraw funds for qualified education expenses like tuition, fees, books, or room and board, the earnings come out tax-free. Anyone can contribute to a 529 plan for a beneficiary, contribution limits are high (often $300,000+ per beneficiary), and many states offer tax deductions or credits for residents who contribute to their state's plan.

How to Open a 529 Plan?

To open a 529 plan, choose a state plan (often your own state for tax benefits), select the account type (individual or UGMA/UTMA), name a beneficiary, pick your investment options, make your initial contribution, and set up ongoing contributions if desired. You can typically open an account online directly with the state plan or through a financial advisor in about 15-20 minutes.

What is the Main Advantage of the 529 Savings Plan?

The main advantage of a 529 savings plan is tax-free growth and tax-free withdrawals when funds are used for qualified education expenses, allowing your education savings to compound more effectively than in a regular taxable investment account.

Are 529 Plan Contributions Tax Deductible?

529 plan contributions are not tax deductible at the federal level, but many states offer state tax deductions or credits for contributions made to their own state's 529 plan, so the tax benefit depends on your state of residence and which plan you choose.

What can a 529 Plan be Used for?

A 529 plan can be used for qualified education expenses including college tuition and fees, room and board, books and supplies, computers and technology, K-12 tuition (up to $10,000 annually), student loan repayments (up to $10,000 lifetime), and costs for qualified apprenticeship programs at eligible educational institutions.

Does a 529 Plan Affect Financial Aid?

Yes, 529 plans do affect financial aid, but the impact is relatively modest. Parent-owned 529 plans are assessed as parent assets at a maximum rate of 5.64% in federal aid calculations, while student-owned 529 plans are assessed at 20%. However, 529 withdrawals count as untaxed income to the beneficiary, which can reduce aid eligibility by up to 50% in the following year's calculation.

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