Virginia 529 Plan Basics

While we are providing general information about the state’s 529 college savings plan, please consult the Plan Description and Participation Agreement for more detailed information and facts about the plan.

A 529 plan is a savings plan that encourages education savings for qualified higher education expenses: college, vocational, or other post-secondary learning. 529 plan funds can also go to private high school or K-12 tuition at qualified educational institutions.

Unlike a traditional savings account or bank account, your money grows tax free in a 529 account. Qualified distributions made, when the beneficiary reaches college age, are free of state and federal taxes.

Different states have different state plans with different investment options and different tax benefits. They will also have different minimum contribution (and subsequent contribution) requirements and plan fees.

You can enroll in any state’s 529 plan that accepts non-resident enrollment. 529 plan funds can be applied to in-state schools or out of state schools, public or private institutions.

Additionally, 529 plans can be linked to the Upromise rewards service. Earn an extra $25 bonus when you connect a 529 account to your Upromise profile.

529 Plan Basics by State

Check out these College Savings: 529 Plan Basics by State

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