You Have Options When Investing for the Future

Two Smart Ways to Make Saving for College Easier

Few things in life are one size fits all. Saving for education is no exception. Whether school is fast-approaching or you've got years ahead to save, we offer a range of professionally managed portfolio options.

Enrollment-Based Portfolios
The Enrollment-Based Portfolios are target date investments composed of one or more T. Rowe Price stock and bond mutual funds.1 These portfolios’ investments are aligned with a projected enrollment year and automatically shift as your target date approaches.

See how the funds’ allocations adjust over time. Close Icon Portfolios Glide Path Image Portfolios Glide Path Image

With the goal of maximizing growth potential, the investment mix is more aggressive the further away the target date is and, therefore, has a greater exposure to stocks. Over time, as the target date gets closer, the underlying investments adjust to include higher percentages of fixed income funds in an effort to reduce risk and volatility.

Portfolio 2021 is currently available as an investment option but will be automatically moved to Portfolio for Education Today on June 25, 2021. Visit the Portfolio Composition Details page for additional information on this portfolio.
Select a portfolio below or choose the number of years until you will first use your savings.
Enrollment-Based Portfolio Risk Levels
Portfolio
2042
Portfolio
2042
100% Stocks
This aggressive An investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. equity portfolio seeks long-term capital appreciation An increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in funds primarily focused on domestic equity Funds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. The strategy is based on the understanding that the volatility The range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. Portfolio 2042 will begin to shift and become more conservative An investment portfolio that attempts to preserve its capital by holding securities with a relatively lower degree of risk. This strategy often involves allocating most holdings to bonds and/or money market investments. three years later than Portfolio 2039. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Portfolio
2039
Portfolio
2039
100% Stocks
This aggressiveAn investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. equity portfolio seeks long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in funds primarily focused on domestic equityFunds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. The strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. Due to the long time horizon until expected enrollment, this portfolio will initially have the same allocations as Portfolio 2036, although its allocations will begin to shift and become more conservativeAn investment portfolio that attempts to preserve its capital by holding securities with a relatively lower degree of risk. This strategy often involves allocating most holdings to bonds and/or money market investments. three years later than Portfolio 2036. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Portfolio
2036
Portfolio
2036
100% Stocks
This aggressiveAn investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. equity portfolio seeks long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in funds primarily focused on domestic equityFunds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. The strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Portfolio
2033
Portfolio
2033
85% Stocks
15% Bonds
This portfolio seeks long-term capital appreciation An increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by primarily investing in equity funds focused on domestic equity Funds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets and fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities.. The strategy is based on the understanding that the volatility The range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Portfolio
2030
Portfolio
2030
69.75% Stocks
30.25% Bonds
This portfolio seeks long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in equity funds focused on domestic and international equity markets, with some exposure to fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities.. The strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Portfolio
2027
Portfolio
2027
53.75% Stocks
46.25% Bonds
This balanced portfolio invests in both stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. and fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities. instruments, with a higher exposure to stocks. The portfolio invests in both domestic and international equity markets. This mix of funds offers reduced exposure to equitiesShares of a specific company that are available for public purchase. Equities are also referred to as stocks.Shares of a specific company that are available for public purchase. Equities are also referred to as stocks. while diversifying in fixed income markets to reduce the risk and volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. typically associated with equity markets2. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Portfolio
2024
Portfolio
2024
37% Stocks
63% Bonds
This balanced portfolio invests in both stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. and fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities. instruments, with a higher exposure to fixed income. The portfolio invests in both domestic and international equity markets. This mix of funds offers reduced exposure to equitiesShares of a specific company that are available for public purchase. Equities are also referred to as stocks. while diversifying in fixed income markets to reduce the risk and volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. typically associated with equity markets2. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Portfolio for
Education
Today
Portfolio for
Education
Today
20% Stocks
80% Bonds
This portfolio is designed for beneficiariesThe future student designated by an account holder to receive the benefit of an account. who are already enrolled or are about to enroll in school. Emphasizing a mix of high-quality fixed incomeGenerally-conservative government and corporate-issued bonds and other fixed instruments that have been highly rated by credit ratings agencies and are expected to have a relatively low risk of encountering financial problems and are expected to make their interest or principal payments on schedule.Generally-conservative government and corporate-issued bonds and other fixed instruments that have been highly rated by credit ratings agencies and are expected to have a relatively low risk of encountering financial problems and are expected to make their interest or principal payments on schedule. investments, this portfolio also maintains an approximate 20% allocation to stockShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. funds with a primary focus on domestic equityFunds that invest in stocks of companies based in the United States.. There is exposure to international stocks as well. The portfolio seeks to generate income—at a time when a beneficiary may be taking distributions from an account for education expenses—while also aiming to provide portfolio growth that meets or exceeds tuition inflation. There is no guarantee the portfolio will provide adequate income, and you could experience losses near, at, or through enrollment. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Portfolio 2042
This aggressive An investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. equity portfolio seeks long-term capital appreciation An increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in funds primarily focused on domestic equity Funds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. The strategy is based on the understanding that the volatility The range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. Portfolio 2042 will begin to shift and become more conservative An investment portfolio that attempts to preserve its capital by holding securities with a relatively lower degree of risk. This strategy often involves allocating most holdings to bonds and/or money market investments. three years later than Portfolio 2039. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Portfolio 2039
This aggressiveAn investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. equity portfolio seeks long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in funds primarily focused on domestic equityFunds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. The strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. Due to the long time horizon until expected enrollment, this portfolio will initially have the same allocations as Portfolio 2036, although its allocations will begin to shift and become more conservativeAn investment portfolio that attempts to preserve its capital by holding securities with a relatively lower degree of risk. This strategy often involves allocating most holdings to bonds and/or money market investments. three years later than Portfolio 2036. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Portfolio 2036
This aggressiveAn investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. equity portfolio seeks long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in funds primarily focused on domestic equityFunds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. The strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Portfolio 2033
This portfolio seeks long-term capital appreciation An increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by primarily investing in equity funds focused on domestic equity Funds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets and fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities.. The strategy is based on the understanding that the volatility The range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Portfolio 2030
This portfolio seeks long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings." by broadly investing in equity funds focused on domestic and international equity markets, with some exposure to fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities.. The strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Portfolio 2027
This balanced portfolio invests in both stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. and fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities. instruments, with a higher exposure to stocks. The portfolio invests in both domestic and international equity markets. This mix of funds offers reduced exposure to equitiesShares of a specific company that are available for public purchase. Equities are also referred to as stocks. while diversifying in fixed income markets to reduce the risk and volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. typically associated with equity markets2. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Portfolio 2024
This balanced portfolio invests in both stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. and fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities. instruments, with a higher exposure to fixed income. The portfolio invests in both domestic and international equity markets. This mix of funds offers reduced exposure to equitiesShares of a specific company that are available for public purchase. Equities are also referred to as stocks. while diversifying in fixed income markets to reduce the risk and volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. typically associated with equity markets2. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Portfolio for Education Today
This portfolio is designed for beneficiariesThe future student designated by an account holder to receive the benefit of an account. who are already enrolled or are about to enroll in school. Emphasizing a mix of high-quality fixed incomeGenerally-conservative government and corporate-issued bonds and other fixed instruments that have been highly rated by credit ratings agencies and are expected to have a relatively low risk of encountering financial problems and are expected to make their interest or principal payments on schedule. investments, this portfolio also maintains an approximate 20% allocation to stockShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. funds with a primary focus on domestic equityFunds that invest in stocks of companies based in the United States.. There is exposure to international stocks as well. The portfolio seeks to generate income—at a time when a beneficiary may be taking distributions from an account for education expenses—while also aiming to provide portfolio growth that meets or exceeds tuition inflation. There is no guarantee the portfolio will provide adequate income, and you could experience losses near, at, or through enrollment. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Static Portfolios
Static Portfolios are fixed investments composed of one or more T. Rowe Price mutual funds.2 Unlike Enrollment-Based Portfolios, Static Portfolios do not change their investment mix over time. Portfolios with greater stock allocations generally carry higher risk and the opportunity for higher returns, while portfolios with more bond and money market funds generally offer less risk and lower returns. You can move your assets to a more conservative or aggressive portfolio up to two times per year per beneficiary.
Select a portfolio below to learn more
Select a portfolio to learn more
Static Portfolio Risk Levels
Equity
Portfolio
Equity
Portfolio
100% Stocks
Emphasizing long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings.", this all-equity portfolio invests in a broad range of funds focused on domestic equityFunds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. It is designed for Account Holders who want a broadly diversified portfolio of primarily actively managed mutual fundsA company that combines the money of many investors into a professionally-managed portfolio of stocks, bonds, and/or other securities. Each investor shares in the gain or loss of earnings in the mutual fund. that does not become more conservativeAn investment portfolio that attempts to preserve its capital by holding securities with a relatively lower degree of risk. This strategy often involves allocating most holdings to bonds and/or money market investments. over time. Because this portfolio invests in many underlying funds, it will have partial exposure to the risks of different areas of the market. This strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Total Equity
Market Index
Portfolio
Total Equity
Market Index
Portfolio
100% Stocks
The Total Equity Market Index Portfolio seeks to approximate the performance of a benchmarkA specified comparison used to evaluate the investment return, risk, and asset allocation of a portfolio. index that measures the investment return of U.S. stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment.. The portfolio invests in the Small-Cap Index Fund—I Class, Mid-Cap Index Fund—I Class, and Equity Index 500 Fund—I Class. Index investing can provide a convenient and relatively low-cost way to approximate the performance of a particular market. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Global
Impact Equity
Portfolio
Global
Impact Equity
Portfolio
100% Stocks
This portfolio invests exclusively in the T. Rowe Price Global Impact Equity Fund. The Global Impact Equity Fund seeks long-term growth of capital.

In pursuing its investment objective, the fund seeks to generate a positive, measurable environmental and/or social impactHave a positive impact on the global environment and/or social equity issues. with the potential to outperform its benchmarkA specified comparison used to evaluate the investment return, risk, and asset allocation of a portfolio. index. The fund selects companies for its portfolio using the fund manager’s in-house proprietary screening process. This screening process relies on the fund’s manager’s independent analysis of each issuer. The fund seeks to select companies for its portfolio that are, in the opinion of the fund’s manager, capable of achieving and sustaining above-average, long-term earnings and cash flow growthAn increase in the inflow of cash from a company’s business operations., and that are capable of generating a positive impact under one of the following three impact pillars: climate and resource impact, social equity and quality of life, and/or sustainable innovation and productivity.

The materiality of positive impact is assessed according to specific, in-house metrics for every business activity that aligns to one of the three impact pillars. Companies must meet one of the following four criteria: (1) a majority of current or future profits tied to at least one impact pillar; (2) a majority of expected revenues or profits in 10-years tied to at least one impact pillar, as projected by the fund’s portfolio manager; (3) best-in-class companies where a company is a leader in generating material social or environmental impact in its respective business activity or sector; and (4) occasionally, unique impact situations where a company has made or is expected to make a material social or environmental impact outside the scope of its otherwise normal business activities.

Under normal conditions, at least 80% of the fund’s net assets (including any borrowings for investment purposes) will be invested in equityShares of a specific company that are available for public purchase. Equities are also referred to as stocks. securities and at least 40% of the fund’s net assets will be invested in companies outside the U.S. (at least 30% if foreign market conditions are not favorable). Equity securities may include common stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment., preferred stocks, or convertible securities. In addition, for purposes of these policies, the fund’s investments include instruments that are linked to, or provide exposure to, equities or companies outside of the U.S., such as depositary receiptsA certificate issued in the United States but represents shares of foreign companies.. The fund may invest in issuers of any market capitalizationA way to categorize companies as being large, mid-sized or small based on their overall market values. and in securities offerings that are not registered in the U.S. or denominated in the U.S. dollar. The fund may invest in issuers in emerging markets. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Fixed
Income
Portfolio
Fixed
Income
Portfolio
100% Bonds
This portfolio’s primary objective is to seek a high level of current income with moderate price fluctuations by investing exclusively in the T. Rowe Price Spectrum Income Fund, which invests in a diversified group of other T. Rowe Price mutual fundsA company that combines the money of many investors into a professionally-managed portfolio of stocks, bonds, and/or other securities. Each investor shares in the gain or loss of earnings in the mutual fund.2. The fund, which invests in a variety of domestic and international bondAn investment in which an investor loans money to an entity such as a corporation or government. The entity borrows the funds for a defined period of time and repays the loaned amount along with the predetermined interest. funds, a money market fundA mutual fund that invests in highly liquid, short-term instruments such as U.S. Treasuries., and an income-oriented stockShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of declining markets and to benefit from good performance in particular market segments over time. The strategy is based on a lower-risk investment approach that seeks to conserve principal and generate a reasonable level of return while minimizing the risks associated with equity markets. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Balanced
Portfolio
Balanced
Portfolio
60% Stocks
40% Bonds
This moderately aggressiveAn investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. portfolio focuses on a mix of approximately 60% of its holdings invested in stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. , including some exposure to international stocks, while seeking diversification through approximately 40% of its holdings allocated to fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities.. This strategy is based on accepting the risks associated with stocks, which have the potential to provide high returns, and seeking to balance the effects of volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. through diversification in fixed income securities2. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
Money
Market
Portfolio
Money
Market
Portfolio
100% Money Market
This portfolio invests exclusively in the T. Rowe Price U.S. Treasury Money Fund, which is a money market fundA mutual fund that invests in highly liquid, short-term instruments such as U.S. Treasuries. managed to provide a stable share price of $1.00 by investing short-term, high-quality securities backed by the U.S. government and repurchase agreements thereon. This Portfolio is designed for account holders who are conservativeAn investment portfolio that attempts to preserve its capital by holding securities with a relatively lower degree of risk. This strategy often involves allocating most holdings to bonds and/or money market investments. investors or who have a beneficiaryThe future student designated by an account holder to receive the benefit of an account. nearing enrollment. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
You could lose money by investing in this portfolio. Although the money market fund in which this portfolio invests seeks to preserve its value at $1.00 per share, the underlying money market fund cannot guarantee that it will do so. An investment in this portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The underlying money market fund's sponsor has no legal obligation to provide financial support to the underlying fund, and you should not expect that the sponsor will provide financial support to the underlying money market fund at any time.
Equity Portfolio
Emphasizing long-term capital appreciationAn increase in the value of an investment such as a stock, bond, or mutual fund. This increase might also be referred to as "earnings.", this all-equity portfolio invests in a broad range of funds focused on domestic equityFunds that invest in stocks of companies based in the United States. markets, with some exposure to international equity markets. It is designed for Account Holders who want a broadly diversified portfolio of primarily actively managed mutual fundsA company that combines the money of many investors into a professionally-managed portfolio of stocks, bonds, and/or other securities. Each investor shares in the gain or loss of earnings in the mutual fund. that does not become more conservativeAn investment portfolio that attempts to preserve its capital by holding securities with a relatively lower degree of risk. This strategy often involves allocating most holdings to bonds and/or money market investments. over time. Because this portfolio invests in many underlying funds, it will have partial exposure to the risks of different areas of the market. This strategy is based on the understanding that the volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. associated with equity markets can be accompanied by the greatest potential for long-term capital appreciation. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Total Equity Market Index Portfolio
The Total Equity Market Index Portfolio seeks to approximate the performance of a benchmarkA specified comparison used to evaluate the investment return, risk, and asset allocation of a portfolio. index that measures the investment return of U.S. stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment.. The portfolio invests in the Small-Cap Index Fund—I Class, Mid-Cap Index Fund—I Class, and Equity Index 500 Fund—I Class. Index investing can provide a convenient and relatively low-cost way to approximate the performance of a particular market. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Global Impact Equity Portfolio
This portfolio invests exclusively in the T. Rowe Price Global Impact Equity Fund. The Global Impact Equity Fund seeks long-term growth of capital.

In pursuing its investment objective, the fund seeks to generate a positive, measurable environmental and/or social impactHave a positive impact on the global environment and/or social equity issues. with the potential to outperform its benchmarkA specified comparison used to evaluate the investment return, risk, and asset allocation of a portfolio. index. The fund selects companies for its portfolio using the fund manager’s in-house proprietary screening process. This screening process relies on the fund’s manager’s independent analysis of each issuer. The fund seeks to select companies for its portfolio that are, in the opinion of the fund’s manager, capable of achieving and sustaining above-average, long-term earnings and cash flow growthAn increase in the inflow of cash from a company’s business operations., and that are capable of generating a positive impact under one of the following three impact pillars: climate and resource impact, social equity and quality of life, and/or sustainable innovation and productivity.

The materiality of positive impact is assessed according to specific, in-house metrics for every business activity that aligns to one of the three impact pillars. Companies must meet one of the following four criteria: (1) a majority of current or future profits tied to at least one impact pillar; (2) a majority of expected revenues or profits in 10-years tied to at least one impact pillar, as projected by the fund’s portfolio manager; (3) best-in-class companies where a company is a leader in generating material social or environmental impact in its respective business activity or sector; and (4) occasionally, unique impact situations where a company has made or is expected to make a material social or environmental impact outside the scope of its otherwise normal business activities.

Under normal conditions, at least 80% of the fund’s net assets (including any borrowings for investment purposes) will be invested in equityShares of a specific company that are available for public purchase. Equities are also referred to as stocks. securities and at least 40% of the fund’s net assets will be invested in companies outside the U.S. (at least 30% if foreign market conditions are not favorable). Equity securities may include common stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment., preferred stocks, or convertible securities. In addition, for purposes of these policies, the fund’s investments include instruments that are linked to, or provide exposure to, equities or companies outside of the U.S., such as depositary receiptsA certificate issued in the United States but represents shares of foreign companies.. The fund may invest in issuers of any market capitalizationA way to categorize companies as being large, mid-sized or small based on their overall market values. and in securities offerings that are not registered in the U.S. or denominated in the U.S. dollar. The fund may invest in issuers in emerging markets. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Fixed Income Portfolio
This portfolio’s primary objective is to seek a high level of current income with moderate price fluctuations by investing exclusively in the T. Rowe Price Spectrum Income Fund, which invests in a diversified group of other T. Rowe Price mutual fundsA company that combines the money of many investors into a professionally-managed portfolio of stocks, bonds, and/or other securities. Each investor shares in the gain or loss of earnings in the mutual fund.2. The fund, which invests in a variety of domestic and international bondAn investment in which an investor loans money to an entity such as a corporation or government. The entity borrows the funds for a defined period of time and repays the loaned amount along with the predetermined interest. funds, a money market fundA mutual fund that invests in highly liquid, short-term instruments such as U.S. Treasuries., and an income-oriented stockShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of declining markets and to benefit from good performance in particular market segments over time. The strategy is based on a lower-risk investment approach that seeks to conserve principal and generate a reasonable level of return while minimizing the risks associated with equity markets. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Balanced Portfolio
This moderately aggressiveAn investment portfolio that attempts to increase returns by holding securities with a relatively higher degree of risk. This strategy often involves allocating most holdings to stocks. portfolio focuses on a mix of approximately 60% of its holdings invested in stocksShares of ownership or equity in a company that are bought and sold in a market such as a stock exchange. Stock prices can change every time any investor buys or sells shares of the stock and may reflect the state of the company as well as the economic environment. , including some exposure to international stocks, while seeking diversification through approximately 40% of its holdings allocated to fixed incomeA type of investment where the borrower or issuer is obliged to make payments with interest at a fixed rate on a fixed schedule. Bonds are considered to be fixed income securities.. This strategy is based on accepting the risks associated with stocks, which have the potential to provide high returns, and seeking to balance the effects of volatilityThe range of price changes in a security within a given period of time. Volatility is often used to describe a level of risk of an investment. In most cases, the higher the volatility, the riskier the investment. through diversification in fixed income securities2. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
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Money Market Portfolio
This portfolio invests exclusively in the T. Rowe Price U.S. Treasury Money Fund, which is a money market fundA mutual fund that invests in highly liquid, short-term instruments such as U.S. Treasuries. managed to provide a stable share price of $1.00 by investing short-term, high-quality securities backed by the U.S. government and repurchase agreements thereon. This Portfolio is designed for account holders who are conservativeAn investment portfolio that attempts to preserve its capital by holding securities with a relatively lower degree of risk. This strategy often involves allocating most holdings to bonds and/or money market investments. investors or who have a beneficiaryThe future student designated by an account holder to receive the benefit of an account. nearing enrollment. The detailed asset allocations for this portfolio are available on our Portfolio Composition Details page.
You could lose money by investing in this portfolio. Although the money market fund in which this portfolio invests seeks to preserve its value at $1.00 per share, the underlying money market fund cannot guarantee that it will do so. An investment in this portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The underlying money market fund's sponsor has no legal obligation to provide financial support to the underlying fund, and you should not expect that the sponsor will provide financial support to the underlying money market fund at any time.
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The neutral asset allocations depicted for this portfolio are as of April 15, 2021. Asset allocations for each portfolio will vary and may be higher or lower than this example. Please refer to the Plan Disclosure Document for portfolio asset allocation details. For current allocations, please call 866-521-1894 and speak with a College Savings Specialist.

 1The principal value of the Enrollment-Based Portfolios is not guaranteed at any time, including at or after the target enrollment date. The portfolios invest in a broad range of underlying mutual funds that include stocks, bonds, and short-term investments and are subject to the risks of different areas of the market. The portfolios emphasize potential capital appreciation during the early phases of asset accumulation, balance the need for appreciation with the need for income as matriculation approaches, and focus more on income and principal stability after matriculation. While moving assets into bond and money market funds can help lower investment risks, there is no guarantee against loss. The portfolios maintain a substantial allocation to equities both prior to and after the target enrollment date, which can result in greater volatility.

2While certain portfolios seek to cushion the effects of volatility in U.S. equity markets by diversifying in foreign markets and/or fixed income markets, diversification cannot assure a profit or protect against a loss in a declining market. 

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