Savings Grow More Due to Tax Advantages
When you pay fewer taxes, you can earn more and grow your account faster – giving your child or grandchild an even bigger head start. And your, earnings, if any, are free from federal income tax when used for qualified higher education expenses. Learn more.
See the difference these 529 tax advantages can make over time in the table below.
This example assumes an initial investment of $5,000, monthly contributions of $100, and a 6% annual rate of return over 18 years. The taxable account assumes a 28% federal and 5% state tax rate. The illustration is for illustrative purposes only and does not represent the performance of any specific portfolio.
Use at Schools Anywhere
Your MNSAVES 529 funds can be used at any accredited university, college or vocational school nationwide — and many abroad. Basically any institution with a student aid program qualifies. Learn more.
Easy and Convenient
With the Minnesota College Savings Plan you can easily open an account in just 15 minutes and conveniently manage it online or by mail. By setting up automatic contributions from your bank account or by payroll deduction (if supported by your employer), making regular contributions is hassle free. Learn more.