With the Maryland College Investment Plan, decide how much you want to contribute. You can use the funds to pay for a variety of qualified education expenses like tuition, room and board, books, course-specific fees, supplies, and eligible trade and technical school expenses.

Can Maryland 529 be used for rent?

In general, you can use 529 funds to pay for your student’s off-campus housing costs. This budget costs can include rent, utilities, and food. The precise value of the room and board allowance is specific to each school and each school year.

Can you use 529 money for other things?

A 529 account can be used for other types of education besides college, including trade and vocational schools and more. However, if you decide to use the money for something other than qualified education expenses, you will have to pay income taxes plus a 10% penalty on the earnings.

Are there 529 college savings plans in Maryland?

529 College Savings Plans in Maryland. Maryland sponsors a direct-sold 529 college savings plan and a prepaid tuition program. Both plans allow Maryland families to make tax-deductible contributions to their children’s future education.

How does 529 prepaid college trust work in Maryland?

The Maryland 529 Prepaid College Trust program allows you to lock in tuition prices at their current rates. In turn, your child can redeem benefits in the future regardless of rising tuition costs. This option offers the flexibility of choosing your tuition plan and payment option.

Are there any 529 plans for private colleges?

529 plans help families save for college. There are two types of 529s: savings (investment) and prepaid tuition. Private College 529 is a prepaid tuition plan and is the only 529 not run by a state government.

Is there a T.Rowe price 529 in Maryland?

Maryland 529 and T. Rowe Price are closely monitoring the latest updates related to the coronavirus. Please be assured that we have well-established business continuity plans in place and are prepared to manage our operations through this evolving situation.