Minnesota College Savings Plan

A Plan for Everyone:
Employees

When saving for your child’s college is as convenient and automatic as taking your retirement or healthcare deductions, saving is a lot easier.

College Savings Made Easy

Great news! The Minnesota College Savings Plan (MCSP) is available as an employee benefit. You’re probably familiar with 401k or 403b plans for retirement. A MCSP account is similar, but it’s used to save for higher education. With low fees, and tax advantages for Minnesota residents, MCSP makes saving affordable. (*Limitations apply.) Because contributions can be made directly from payroll with direct deposit, it’s simple, too.

It only takes about 15 minutes to enroll. So let's get rolling!

ABOUT MCSP 529

For so many families, the Minnesota College Savings Plan is a smart choice. Here are just a few reasons why:

  • State tax benefits
  • 100% tax-free growth potential
  • Financial aid friendly
  • Use at eligible schools anywhere in the US or aboard

Plus we are here to help every step of the way.


FAQ

REGISTER FOR A CONSULTATION OR WEBINAR

If you would like help or have additional questions, the Minnesota College Savings Plan offers free consultations with a college savings specialist. You can schedule an in-person consultation in our local office in Bloomington, MN, a phone consultation or attend a webinar.

GET STARTED
1

Set up your Minnesota College Savings Plan account

  • Open a new account
    ENROLL
  • Add Direct Deposit to an existing MCSP account
    [ Skip to Step 2 ]
  • Rollover an existing 529 account from elsewhere
    DOWNLOAD ROLLOVER FORM

Tip: If the payroll direct deposit will be your method of initial funding, select $25 as your initial contribution and “Fund by Check.” Your first payroll direct deposit will be your initial contribution.

2

Download and submit the MCSP Payroll Direct Deposit Form

  • New and current account owners must complete and return form to MCSP
    DOWNLOAD
  • You may also set up automatic contributions from a bank account
    LEARN MORE

Tip: The MCSP Payroll Direct Deposit Form must be processed by MCSP before the first payroll direct deposit contribution (may take up to 10 business days). So hit the pause button for a few days...then move onto the next step!

Before you proceed to the next step make sure you have opened a MCSP account (or have an existing account). Complete and mail the MCSP payroll direct deposit form.
3

Identify Employer Payroll Method:


EMPLOYEE SELF-SERVICE

Use the following direct deposit instructions:

  • Code the account as "checking"
  • Routing number for State Street Bank: 011000028
  • Account number: MCSP ID 99054835 + 9-digit employee SSN or TIN
  • Enter contribution amount per pay period (for each beneficiary and investment option)


CENTRALIZED PAYROLL PROCESS

Submit a copy of your MCSP Payroll Direct Deposit Form to your employer's payroll department.


Need Employer Instructions? Other Questions?


Confirm that your MCSP payroll direct deposit form has been processed by MCSP -
Call 1-877-338-4646 (M - F 7:00A - 7:00P CST).

College Savings Guide