Invest in the Newest Generation

Help Your Grandchildren Reach Their Highest Potential

It's natural to want to see a new generation succeed in their personal and professional lives. Provide the foundation for a lifetime of learning with the T. Rowe Price College Savings Plan.

Our plan offers many benefits, including:

Financial control

You—not the beneficiary—are in control of the assets, ensuring that the money will be used for its intended education purpose. You can designate a successor account holder as well.


Tax-free earning potential

You'll have tax-free earnings potential for qualified education expenses, such as tuition and room and board. This helps put more of your money toward college and less toward taxes.

Gift tax advantages

During tax year 2023, the maximum amount you can gift in a year without having to pay gift taxes is $17,000. However, with a 529 plan, you can contribute up to $85,000 (or $170,000 if you are a married couple filing jointly) and average the gift over five years without paying gift taxes.Future years may differ.

Start early

Did you know that you can open a T. Rowe Price College Savings Plan account even before your grandchild is born? We've made it easy to open an account in your name, and then once the baby arrives, you can change the beneficiary. In most cases, the process is tax-free.1 It's that simple.

Estate planning

You can significantly reduce the value of your taxable estate by funding a 529 plan. When you contribute to your grandchild's account, the contributions are (with some exceptions) removed from your taxable estate and considered a gift to the grandchild, with the additional gift tax advantages described above.1


T. Rowe Price draws on 80 years of investment management expertise and has been helping families save for college since 2001. Our plan has been recognized as a top performer with a "Silver" rating from Morningstar in 2022.

Study nationwide

Savings can be used at nearly any college in the country, including trade and technical schools, and even for apprenticeships.

Save for K–12

You can take distributions of up to $10,000 per beneficiary each year for K–12 tuition at private, public, and religious schools.3 For more information, see approved uses.


Do you already have a 529 plan? You can roll over funds from your current 529 into the T. Rowe Price College Savings Plan.


Establish Savings Goals

Use our T. Rowe Price College Savings Calculator to determine how much you and your family might need to save for your grandchildren's future education expenses.


Gift With GoTuition®

If your grandchild already has a T. Rowe Price College Savings Plan account, you can contribute directly to their account with the GoTuition gifting portal.

Frequently Asked Questions

Can the same person be named as beneficiary on more than one account?


Yes, multiple accounts can be opened for one beneficiary. For example, a parent and a grandparent can each open... 

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How much can I contribute to my beneficiary’s account(s)?


You can open an account with recurring contributions of $50 per month, or a minimum initial contribution of $250...

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