It’s Never Too Early to Start Saving

Congratulations on your new addition! We know there are a lot of decisions to make and it can feel overwhelming. That's why we've made it easy to help you start saving for college—even before your baby arrives. Although college may seem far away, opening a T. Rowe Price College Savings Plan account early puts the power of time and earnings potential, on your side.

Why the T. Rowe Price College Savings Plan?

Our 529 plan is a simple, affordable way for families to put aside money for college tuition and education-related expenses as well as K-12 tuition expenses for public, private, and religious schools.+ You make contributions to your plan using after-tax dollars, but earnings are tax-deferred while invested and tax-free when used for qualified higher educational expenses such as tuition, fees, room and board, books, supplies, computer technology, and equipment as well as certain expenses for special needs students. The "529" refers to the section of the Internal Revenue Code that created these plans.

Benefits of the T. Rowe Price College Savings Plan

It’s your money. You can use it whenever and however you want.

You always have access to the savings in your account for anything that life throws your way. Flexibility like this is why our plan suits nearly every budget or savings goal.

  • Transfer beneficiaries without penalty
  • No time restrictions on your account
  • Increase or decrease contributions
  • Your contributions to the plan are never taxed or penalized
  • No annual account fee

Investing is easy and affordable with portfolios designed to help you meet your college savings goals.

Based on the year your child will enter college, our Enrollment-Based Portfolios automatically adjust to a more conservative strategy in an effort to reduce risk as that date nears. Our Static Portfolios offer a fixed strategy, which means the underlying allocation does not change over time.

No matter what option you determine is best for you and your family, it takes only $50 a month to get started.

  • Enrollment-Based Portfolios
  • Static Portfolios

Anyone can enroll and contribute to the T. Rowe Price College Savings Plan.

It’s a great way to save for college whether you’re a grandparent, family member, or family friend. There are no limits on age, income, or relationship with the beneficiary. And you can invest any amount up to the account balance maximum of $475,000 per beneficiary.

And if you’d rather not open an account of your own, you can make a gift contribution to any child’s college savings plan with the GoTuition gifting portal.

The gift of education is the perfect present for every child’s future.

A gift they'll never outgrow.

They say it takes a village to raise a child. Well, the same can be said about sending your child to college. When you open a T. Rowe Price College Savings Plan you have the added benefit of enrolling in the GoTuition gifting portal. It's an online tool that makes it easy and more comfortable for you to ask friends and family to contribute to your child's 529 plan in lieu of gifts for traditional celebrations like graduations, holidays, and birthdays.

A passport to education from crawlers to scholars.

With all the information out there, planning and preparing for your child’s higher education is no easy task. The Education Planning Center is an online tool that makes it easy to see if you're on track with your savings goals, provides age-specific passports from birth to graduation, and information on financial aid, scholarships, and grants. Best of all, with the Education Planning Center dashboard, you can view the information for all your children in one place for a constant, focused view of your savings progress.

Available nationwide, our college savings plan is designed to keep your child’s future options open.

What’s more, assets in the plan can be used at nearly every private or public college, university, graduate school, or vocational  school in the U.S. It covers qualified expenses such as tuition, fees, room and board, books, supplies, computer technology, and equipment.

The assets in the plan can also be used to cover tuition expenses (up to $10,000 per student per year) for K-12 public, private, and religious schools.+ Effective December 2019, the assets in the plan can also be used to cover expenses required for apprenticeship on-the-job training and classroom instruction as well as for qualified education loan repayment up to $10,000 lifetime maximum per beneficiary or their sibling.

As an added benefit for those interested in attending the University of Alaska, participants with an active account for two or more years may be eligible for resident tuition rates without regard to residency.

Getting started is easy.

Opening a T. Rowe Price College Savings Plan account is the first step to helping make higher education more affordable for a child. Getting started is easy. Open your college savings plan account today with as little as $50 a month or a $250 initial contribution. The sooner you get started, the more you can potentially save.

Right Now Is the Right Time to Start Saving

The sooner you start saving, the less you might have to borrow for education-related expenses. It's that simple. So put time on your side and start saving today.

Starting to save today not only means you'll have one less thing to remember to do later, but it will give your investment more time to potentially grow. Plus, you have the flexibility to make some changes to your account whenever you want.

GoTuition is a trademark of T. Rowe Price Group, Inc.

+While distributions from 529 college savings plans for elementary or secondary education tuition expenses are federally tax-free, state tax treatment will vary and could include state income taxes assessed, the recapture of previously deducted amounts from state taxes, and/or state-level penalties. You should consult with a tax or legal advisor for additional information.