The Montana Family Education Savings Plan Helps Families Everywhere Save for Higher Education
Any U.S. taxpayer, regardless of income, may establish a tax-favored college savings account for anyone – including themselves, to help pay for qualified higher education expenses. The program was established as a tax-advantaged state tuition program under Section 529 of the Internal Revenue Code in 1996 and the benefits were made permanent in 2006. There are no in-state use restrictions. Use the proceeds at any eligible college, university, proprietary or vocational school worldwide.
- Higher education expenses include tuition, fees, textbooks, supplies and equipment required to attend an eligible institution. If the student’s enrollment qualifies for at least half-time, room and board expenses are also eligible up to a specified level.
- Eligible institutions include virtually all accredited, public, nonprofit and proprietary postsecondary educational institutions. click here for a complete database of eligible institutions.
MFESP offers both the CollegeSure CD and InvestorSure CD from College Savings Bank. Each investment is FDIC insured to at least $250,000 per depositor.
529 Plan Product Comparison
|
|
|
| Yes |
No |
Details |
Yes |
No |
Details |
| FDIC Insurance |
X |
|
Principal and accrued interest are FDIC insured to at least $250,00 per depositor. |
X |
|
Principal is FDIC insured to at least $250,000 per depositor. |
| Principal Protection |
X |
|
Investors will never lose principal if they hold the investment until maturity. |
X |
|
Investors will never lose principal if they hold the investment until maturity. |
| Minimum Annual Percentage Yield |
X |
|
Guaranteed to return at least 2% a year-even if college costs stay the same. |
|
X |
While investors cannot lose money, there is no guaranteed return on investment. |
| Tax Benefits |
X |
|
All state and federal 529 plan tax advantages apply. |
X |
|
All state and federal 529 plan tax advantages apply. |
| Enrollment Fees |
|
X |
Free of enrollment fees or other management charges. |
|
X |
Free of enrollment fees or other management charges. |
Enroll online using your Visa or Mastercard, or print out and mail an enrollment form. Open your account for as little as $250. And/or sign up for direct deposit from payroll of as little as $25 per pay period or automatic deposits of $100 or more per month from your bank account.
- Account Assistance: Available Monday through Friday between 7 a.m. and 4 p.m. Mountain Time (9 a.m. - 6 p.m. Eastern Time) by calling toll free 800-888-2723 or sending an e-mail to montana@collegesavings.com. Our College Savings Advisers are at your service to answer your questions and help structure your account in a way that's best for you.
- Statements: InvestorSure CD depositors receive quarterly statements. CollegeSure CD depositors receive a comprehensive statement each July 31st. All direct deposit participants receive quarterly statements.
- CollegeSure Newsletter: At least twice a year you'll receive a complimentary CollegeSure newsletter. It is designed to help you make the most of your account and keep you apprised of current issues regarding saving for college.
The combination of tax benefits, low deposit amounts and investment choices make the College Savings Bank 529 programs a smart, flexible and effective way to save for college.