Virginia College Savings Plan Overview


Virginia Prepaid Education Program^�	Virginia Education Savings Trust^�	CollegeAmerica^� Available only through financial advisers	CollegeWealth^� Available only through participating banks
Internal Revenue Code � 529 prepaid tuition plan	Internal Revenue Code � 529 savings plan	Internal Revenue Code � 529 savings plan	Internal Revenue Code � 529 savings plan
Expenses covered In-state undergraduate tuition All mandatory fees	May be used for all IRC � 529 expenses Tuition and fees Room and board Textbooks and required supplies and equipment	May be used for all IRC � 529 expenses Tuition and fees Room and board Textbooks and required supplies and equipment	May be used for all IRC � 529 expenses Tuition and fees Room and board Textbooks and required supplies and equipment
Guarantee Program backed by statutory guarantee Lock in future costs of in-state undergraduate tuition and mandatory fees at Virginia public colleges for normal, full-time course load for a general course of study	No guarantee Investments subject to market conditions Savings may not be sufficient to cover all college costs	No guarantee Investments subject to market conditions Savings may not be sufficient to cover all college costs	FDIC insured to max amount allowed by law Savings may not be sufficient to cover all college costs Not guaranteed by the Commonwealth of Virginia
Tax advantages Tax-free earnings Tax-free qualified distributions Favorable federal estate and gift tax provisions Virginia income tax deduction for account owner	Tax advantages Tax-free earnings Tax-free qualified distributions Favorable federal estate and gift tax provisions Virginia income tax deduction for account owner	Tax advantages Tax-free earnings Tax-free qualified distributions Favorable federal estate and gift tax provisions Virginia income tax deduction for account owner	Tax advantages Tax-free earnings Tax-free qualified distributions Favorable federal estate and gift tax provisions Virginia income tax deduction for account owner
Protection from creditors under Virginia law	Protection from creditors under Virginia law	Protection from creditors under Virginia law	Protection from creditors under Virginia law
Use at any accredited college in the country eligible to accept federal financial aid	Use at any accredited college in the country eligible to accept federal financial aid	Use at any accredited college in the country eligible to accept federal financial aid	Use at any accredited college in the country eligible to accept federal financial aid
Age limits Newborn through ninth grade	No age limits Adults and children	No age limits Adults and children	No age limits Adults and children
Limited enrollment period	Enrollment open all year	Enrollment open all year	Enrollment open all year through participating banks
State residency requirements	No state residency requirements	No state residency requirements	No state residency requirements
Maximum 5 year university and 3 year community college contracts	$250,000 account limit	$250,000 account limit	$250,000 account limit