Report Highlights. American college students and their families pay 50% of college costs out-of-pocket, equivalent to $14,000 per student for the 2022-2023 academic year.
- 30% of families use a college savings fund (such as a tax-deductible 529 plan) to save an average of $7,806 each.
- While over 16 million American families save for college using 529s, 54% of parents are unaware of the 529 program(s).
- In 2023, families had $450.5 billion saved for college in 529 plans, making the average 529 account balance $27,741.
- The average 529 account balance grew by $169.04 per month in 2023.
- Parents’ income and savings pay for the largest share of college tuition (40%); the average student pays for 10% of their tuition out-of-pocket.
Related research includes How People Pay for College | Average Cost of College | Best Online SAT Prep Courses | Average Time to Repay Student Loans | Economic Effects of Student Loan Debt | Student Loan Refinancing
529 Plan Statistics
Section 529 of the IRS tax code establishes and defines Qualified Tuition Programs (QTPs) as tax-deductible savings or prepaid tuition accounts. See 529 Plans by State for program data.
- There were 16.25 million active 529 accounts in June of 2023.
- Nationwide, 529 Plan savings totaled $450.5 billion in June 2023 for an average account balance of $27,741.
- The average account balance in mid-2023 was 9.50% lower than the all-time high average balance of $30,652 in 2021.
- From 2009 to 2023, the average account balance increased 110.4% (from $13,188) for a compound annual growth rate (CAGR) of 5.46%.
- 38% of parents were aware of 529 plans in 2019.
- Alternatives to 529 plans include Coverdell Education Savings Accounts (ESAs), which are not tax-deductible (further restrictions apply).
College Savings Plan Statistics
Half of families with college students save money specifically for college; the average total savings goal is $55,342.
- 53% of college-bound families have a strategy to pay for college; among them, 94.3% plan to pay at least a share of tuition out-of-pocket.
- 30% of college-bound families plan how much of their income and savings parents will contribute.
- 20% of college-bound families plan how much the student will contribute.
- 21% of families have their students work and save income to attend college.
- 15% of families use a financial advisor to develop a college spending budget.
Saving vs. Borrowing for College
As students limit borrowing for college, parents have picked up most of the slack.
- Among families who borrow to pay for college, the average student pays 10% of their tuition while their family pays for 22% of tuition costs.
- Compared to families who borrow, families who do not borrow pay a 100% larger share of tuition from income and savings.
- Parents in families who do not borrow pay a 154.5% higher share of tuition than those who do borrow.
- Students from families who do not borrow pay a 10.0% lower share than those who do borrow.
- Among students and families who don’t borrow to pay for college, students cover 9% of costs with their own income and savings; their parents pay for 56% of costs.
College Savings Statistics by Institution Type
The type of school a student plans to attend may influence their saving strategy.
- At public universities, 54.4% of tuition comes from the income and savings of students and their families.
- 53% of students at public, state-funded colleges use their savings to pay at least some of their tuition;
- 70% have parents contribute at least some savings to tuition.
- Students and families pay 41.6% of private university costs out-of-pocket.
- At Historically Black Colleges and Universities (HBCU), students and parents pay 42% of costs out-of-pocket.
- Compared to all 4-year public college attendees, HBCU students are 17.0% more likely to pay for school using their own income and savings.
- Parents of HBCU students are 27.1% less likely to pay for college with savings compared to parents of all students attending 4-year public colleges.
Other College Funding Statistics
Very few college students and their families pay all of their college expenses out-of-pocket.
- Scholarships and grants cover 27% of costs while students and parents borrow to pay 20.5%.
- In 2018, 22% of families planned to pay for college using life insurance.
- 14% of families planned to pay for college by finishing off their mortgage and freeing their income towards college expenses.
- 7% of families plan for their child to be employed with the college they attend.
529 Plans by State
Most 529 plans are state-run, and each state has its own iteration of a QTP or 529 Plan (specialized savings and/or prepaid tuition). See our reports on 529 Tax Deductions and 529 Contribution Limits by state.
Jump to a state: AL | AK | AZ | AR | CA | CO | CT | DE | FL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY
| State | Total 529 Accounts | Total Assets |
|---|---|---|
| Alabama | 123,608 | $2,702,290,163 |
| Alaska | 320,921 | $9,983,035,334 |
| Arkansas | 52,213 | $1,306,644,398 |
| Arizona | 106,973 | $2,120,847,107 |
| California | 422,327 | $14,415,594,669 |
| Colorado | 406,030 | $11,466,174,470 |
| Connecticut | 200,631 | $5,464,128,960 |
| DC | 40,133 | $1,224,199,687 |
| Delaware | 24,492 | $651,194,908 |
| Florida | 605,114 | $13,830,616,388 |
| Georgia | 235,510 | $5,205,700,271 |
| Hawaii | 5,700 | $104,265,893 |
| Idaho | 49,316 | $783,828,721 |
| Illinois | 643,371 | $9,012,652,212 |
| Indiana | 435,774 | $7,044,746,458 |
| Iowa | 305,782 | $6,442,862,605 |
| Kansas | 336,536 | $10,611,492,404 |
| Kentucky’s | 19,556 | $264,725,403 |
| Maine | 467,969 | $13,465,323,389 |
| Maryland | 382,365 | $10,198,580,165 |
| Massachusetts | 274,334 | $8,894,691,071 |
| Michigan | 399,042 | $9,890,898,201 |
| Minnesota | 95,210 | $1,890,304,824 |
| Mississippi | 29,153 | $591,839,448 |
| Missouri | 192,030 | $4,048,736,806 |
| Montana | 13,473 | $218,771,276 |
| Nebraska | 298,105 | $6,643,710,746 |
| Nevada | 1,028,879 | $40,892,486,972 |
| New Hampshire | 959,323 | $24,411,762,052 |
| New Jersey | 260,334 | $6,274,945,421 |
| New Mexico | 105,126 | $2,282,190,523 |
| New York | 1,299,895 | $46,878,412,530 |
| North Carolina | 181,659 | $4,118,890,409 |
| North Dakota | 54,199 | $602,301,680 |
| Ohio | 672,579 | $16,409,001,533 |
| Oklahoma | 81,892 | $1,519,945,125 |
| Oregon | 223,750 | $4,833,510,130 |
| Pennsylvania | 278,632 | $7,220,877,013 |
| Rhode Island | 160,486 | $4,047,943,562 |
| South Carolina | 228,215 | $6,079,590,628 |
| South Dakota | 21,587 | $834,296,146 |
| Tennessee | 25,876 | $329,592,937 |
| Texas | 101,826 | $2,497,776,015 |
| Utah | 498,672 | $21,945,372,239 |
| Vermont | 29,016 | $627,697,791 |
| Virginia | 3,100,314 | $96,679,949,215 |
| Washington | 90,395 | $2,346,131,580 |
| West Virginia | 110,909 | $2,908,574,020 |
| Wisconsin | 340,007 | $7,235,124,000 |
Alabama 529 Plan Statistics
Families in Alabama had 123,068 active 529 accounts at the end of 2023.
- Alabama families with 529 plans saved an average of $128.35 per month, per account in 2023.
- The average Alabama 529 account had $21,862 saved at the end of 2023, up 5.58% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $2.702 billion saved for college at the end of 2023.
- The most popular savings plan is the Alabama CollegeCounts 529 Advisor Fund, which totaled $1.426 billion across 66,579 accounts.
- Families who use the Alabama Prepaid Affordable College Tuition (PACT) fund save the largest amount per account ($36,587).
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Alabama Prepaid Affordable College Tuition (PACT) | 5,968 | $36,587 |
| Alabama CollegeCounts 529 Fund ‐ Direct | 51,061 | $20,723 |
| Alabama CollegeCounts 529 Fund ‐ Advisor | 66,579 | $21,415 |
Alaska 529 Plan Statistics
Families in Alaska had 320,921 active 529 accounts at the end of 2023.
- Alaska families with 529 plans saved an average of $196.20 per month, per account in 2023.
- The average Alaska 529 account had $21,862 saved at the end of 2023, up 6.02% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $9.983 billion saved for college at the end of 2023.
- The most popular savings plan is Alaska’s John Hancock Freedom 529, with $5.684 billion saved in 171,338 accounts.
- Families who use Alaska’s T. Rowe Price College Savings Plan save the largest amount per account ($33,696).
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| John Hancock Freedom 529 | 171,338 | $33,173 |
| Alaska 529 | 43,916 | $16,819 |
| T. Rowe Price College Savings Plan | 105,667 | $33,696 |
Arkansas 529 Plan Statistics
Families in Arkansas had 52,213 active 529 accounts at the end of 2023.
- Arkansas families with 529 plans saved an average of $166.02 per month, per account in 2023.
- The average Arkansas 529 account had $25,025 saved at the end of 2023, up 6.35% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $1.307 billion saved for college at the end of 2023.
- The most popular savings plan is the Arkansas Brighter Future 529 Direct, with $593 million saved in 35,002 accounts.
- Families who use the Arkansas Brighter Future 529 Direct plan save the largest amount per account ($41,445).
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Arkansas Brighter Future 529 Advisor | 17,211 | $41,445 |
| Arkansas Brighter Future 529 Direct | 35,002 | $16,951 |
Arizona 529 Plan Statistics
Families in Arizona had 106,973 active 529 accounts at the end of 2023.
- Arizona families with 529 plans saved an average of $147.10 per month, per account in 2023.
- The average Arizona 529 account had $19,826 saved at the end of 2023, up 7.16% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $2.121 billion saved for college at the end of 2023.
- The most popular savings plan is the The Fidelity Arizona College Savings Plan, with $1.448 billion saved in 74,790 accounts.
- Families who use the Arizona Goldman Sachs 529 Plan save the largest amount per account ($21,163).
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Arizona Family College Savings Program | 614 | $7,623 |
| Arizona Goldman Sachs 529 Plan | 31,569 | $21,163 |
| The Fidelity Arizona College Savings Plan | 74,790 | $19,362 |
California 529 Plan Statistics
Families in California had 422,327 active 529 accounts at the end of 2023.
- California families with 529 plans saved an average of $115.48 per month, per account in 2023.
- The average California 529 account had $34,134 saved at the end of 2023, up 3.14% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $14.416 billion saved for college at the end of 2023.
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| ScholarShare College Savings Plan | 422,327 | $34,134 |
Colorado 529 Plan Statistics
Families in Colorado had 406,030 active 529 accounts at the end of 2023.
- Colorado families with 529 plans saved an average of $202.04 per month, per account in 2023.
- The average Colorado 529 account had $28,240 saved at the end of 2023, up 6.88% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $11.466 billion saved for college at the end of 2023.
- The most popular savings plan is the CollegeInvest Direct Portfolio College Savings Plan, with $6.304 billion saved in 206,016 accounts.
- Families who use the CollegeInvest Direct plan save the largest amount per account ($30,602).
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| CollegeInvest Direct Portfolio College Savings Plan | 206,016 | $30,602 |
| Smart Choice College Savings Plan | 16,054 | $6,054 |
| Stable Value Plus College Savings Plan | 13,764 | $9,787 |
| Scholars Choice® College Savings Program | 170,196 | $28,966 |
Connecticut 529 Plan Statistics
Families in Connecticut had 200,631 active 529 accounts at the end of 2023.
- Connecticut families with 529 plans saved an average of $151.25 per month, per account in 2023.
- The average Connecticut 529 account had $27,235 saved at the end of 2023, up 5.26% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $5.464 billion saved for college at the end of 2023.
- The most popular savings plan is the Connecticut Higher Education Trust (CHET), with $4.552 billion saved in 166,830 accounts.
- Families who use the CHET plan save the largest amount per account ($27,288).
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Connecticut Higher Education Trust | 166,830 | $27,288 |
| Connecticut Higher Education Trust Advisor | 33,801 | $26,972 |
Delaware 529 Plan Statistics
Families in Delaware had 24,492 active 529 accounts at the end of 2023.
- Delaware families with 529 plans withdrew an average of $17.99 per month, per account in 2023.
- The average Delaware 529 account had $26,588 saved at the end of 2023, down 0.61% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $651 million saved for college at the end of 2023.
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| The Delaware College Investment Plan | 24,492 | $26,588 |
District of Columbia 529 Plan Statistics
Families in DC had 40,133 active 529 accounts at the end of 2023.
- DC families with 529 plans saved an average of $244.25 per month, per account in 2023.
- The average DC 529 account had $30,504 saved at the end of 2023, up 7.77% from the year’s first fiscal quarter.
- DC college-bound students and their families had $1.224 billion saved for college at the end of 2023.
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| DC College Savings Plan | 40,133 | $30,504 |
Florida 529 Plan Statistics
Families in Florida had 605,114 active 529 accounts at the end of 2023.
- Florida families with 529 plans saved an average of $162.66 per month, per account in 2023.
- The average Florida 529 account had $22,856 saved at the end of 2023, up 6.84% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $13.831 billion saved for college at the end of 2023.
- The most popular savings plan is the Florida Stanley G. Tate Florida Prepaid College Program, with $12.572 billion saved in accounts.
- Families who use the Stanley G. Tate plan save the largest amount per account ($25,810).
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Stanley G. Tate Florida Prepaid College Program | 487,111 | $25,810 |
| Florida 529 Savings Plan | 118,003 | $10,663 |
Georgia 529 Plan Statistics
Families in Georgia had 235,510 active 529 accounts at the end of 2023.
- Georgia families with 529 plans saved an average of $156.83 per month, per account in 2023.
- The average Georgia 529 account had $22,104 saved at the end of 2023, up 6.82% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $5.206 billion saved for college at the end of 2023.
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Georgia Path2College 529 Plan | 235,510 | $22,104 |
Hawaii 529 Plan Statistics
Families in Hawaii had 5,700 active 529 accounts at the end of 2023.
- Hawaii families with 529 plans saved an average of $81.47 per month, per account in 2023.
- The average Hawaii 529 account had $18,292 saved at the end of 2023, up 4.18% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $104 million saved for college at the end of 2023.
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| HI529 ‐ Hawaii’s College Savings Program | 5,700 | $18,292 |
Idaho 529 Plan Statistics
Families in Idaho had 49,316 active 529 accounts at the end of 2023.
- Idaho families with 529 plans saved an average of $97.68 per month per account in 2023.
- The average Idaho 529 account had $15,894 saved at the end of 2023, up 5.86% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $784 million saved for college at the end of 2023.
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| IDeal Idaho College Savings Program | 49,316 | $15,894 |
Illinois 529 Plan Statistics
Families in Illinois had 643,371 active 529 accounts at the end of 2023.
- Illinois families with 529 plans saved an average of $237.07 per month, per account in 2023.
- The average Illinois 529 account had $29,396 saved at the end of 2023, up 7.83% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $18.913 billion saved for college at the end of 2023.
- The most popular savings plan is Illinois Bright Start, with $11.058 billion saved in 352,753 accounts.
- Families who use the College Illinois! Prepaid Tuition Program save the largest amount per account ($31,431).
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| College Illinois! Prepaid Tuition Program | 16,733 | $31,431 |
| Illinois Bright Directions | 273,885 | $26,760 |
| Illinois Bright Start | 352,753 | $31,347 |
Indiana 529 Plan Statistics
Families in Indiana had 435,774 active 529 accounts at the end of 2023.
- Indiana families with 529 plans saved an average of $123.27 per month, per account in 2023.
- The average Indiana 529 account had $16,166 saved at the end of 2023, up 7.37% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $7.045 billion saved for college at the end of 2023.
- The most popular savings plan is the Indiana CollegeChoice 529 Direct Savings Plan, with $4.212 billion saved in 256,569 accounts.
- Families who use the Indiana CollegeChoice CD save the largest amount per account ($17,688).
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Indiana CollegeChoice Advisor 529 Savings Plan | 177,285 | $15,788 |
| Indiana CollegeChoice 529 Direct Savings Plan | 256,569 | $16,416 |
| Indiana CollegeChoice CD | 1,920 | $17,688 |
Iowa 529 Plan Statistics
Families in Iowa had 305,782 active 529 accounts at the end of 2023.
- Iowa families with 529 plans saved an average of $131.51 per month, per account in 2023.
- The average Iowa 529 account had $21,070 saved at the end of 2023, up 5.95% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $6.443 billion saved for college at the end of 2023.
- The most popular savings plan is College Savings Iowa, with $5.820 billion saved in 268,563 accounts.
- Families who use the College Savings Iowa plan save the largest amount per account ($21,670).
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| College Savings Iowa | 268,563 | $21,670 |
| Iowa Advisor 529 Plan | 37,219 | $16,740 |
Kansas 529 Plan Statistics
Families in Kansas had 336,536 active 529 accounts at the end of 2023.
- Kansas families with 529 plans saved an average of $186.01 per month, per account in 2023.
- The average Kansas 529 account had $31,532 saved at the end of 2023, up 5.61% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $10.611 billion saved for college at the end of 2023.
- The most popular savings plan is the Schwab 529 College Savings Plan, with $8.344 billion saved in 268,563 accounts.
- Families who use the Schwab Learning Quest 529 Plan save the largest amount per account ($47,949).
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| ACI ‐ Schwab 529 College Savings Plan | 238,181 | $35,031 |
| Schwab Learning Quest 529 Plan | 5,986 | $47,949 |
| Learning Quest Education Savings Program | 78,090 | $21,771 |
| Learning Quest Advisor | 14,279 | $19,655 |
Kentucky 529 Plan Statistics
Families in Kentucky had 19,556 active 529 accounts at the end of 2023.
- Kentucky families with 529 plans saved an average of $49.04 per month, per account in 2023.
- The average Kentucky 529 account had $13,537 saved at the end of 2023, up 3.37% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $265 million saved for college at the end of 2023.
- The most popular savings plan is the KY Saves 529, with $261 million saved in 17,792 accounts.
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Kentucky’s Affordable Prepaid Tuition | 1,764 | $1,871 |
| KY Saves 529 | 17,792 | $14,693 |
Louisiana 529 Plan Statistics
Families in Louisiana had 81,296 active 529 accounts at the end of 2023.
- Louisiana families with 529 plans saved an average of $120.41 per month, per account in 2023.
- The average Louisiana 529 account had $18,173 saved at the end of 2023, up 6.34% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $1.477 billion saved for college at the end of 2023.
- The most popular savings plan is the START Savings Plan, with $1.451 billion saved in 77,836 accounts.
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| START Savings Program | 77,836 | $18,645 |
| K-12 START Savings Program | 3,460 | $7,538 |
Maine 529 Plan Statistics
Families in Maine had 467,969 active 529 accounts at the end of 2023.
- Maine families with 529 plans saved an average of $195.15 per month, per account in 2023.
- The average Maine 529 account had $28,774 saved at the end of 2023, up 6.50% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $13.465 billion saved for college at the end of 2023.
- The most popular savings plan is the Select NextGen College Investing Plan, with $10.311 billion saved in 237,016 accounts.
| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| NextGen College Investing Plan ‐ Select | 237,016 | $43,502 |
| NextGen College Investing Plan ‐ Direct | 230,953 | $13,659 |
Maryland 529 Plan Statistics
Families in Maryland had 382,365 active 529 accounts at the end of 2023.
- Maryland families with 529 plans saved an average of $161.02 per month, per account in 2023.
- The average Maryland 529 account had $26,672 saved at the end of 2023, up 5.75% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $10.199 billion saved for college at the end of 2023.
- The most popular savings plan is the Maryland College Investment Plan, with $9.090 billion saved in 355,248 accounts.
- Families who use the Maryland Prepaid College Trust plan save the largest amount per account ($40,889).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Maryland College Investment Plan | 355,248 | $25,587 |
| Maryland Prepaid College Trust | 27,117* | $40,889* |
*Data from 9/30/2023.
Massachusetts 529 Plan Statistics
Families in Massachusetts had 274,334 active 529 accounts at the end of 2023.
- Massachusetts families with 529 plans saved an average of $127.51 per month, per account in 2023.
- The average Massachusetts 529 account had $32,423 saved at the end of 2023, up 3.67% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $8.895 billion saved for college at the end of 2023.
- The most popular savings plan is The U.Fund College Investing Plan, with $8.803 billion saved in 269,135 accounts.
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Massachusetts The U.Fund College Investing Plan | 269,135 | $32,710 |
| Massachusetts U.Plan | 5,199 | $17,575 |
Michigan 529 Plan Statistics
Families in Michigan had 399,042 active 529 accounts at the end of 2023.
- Michigan families with 529 plans saved an average of $148.80 per month, per account in 2023.
- The average Michigan 529 account had $24,787 saved at the end of 2023, up 5.71% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $9.891 billion saved for college at the end of 2023.
- The most popular savings plan is the Michigan Education Savings Program, with $7.677 billion saved in 310,639 accounts.
- Families who use the Michigan Education Trust (MET) plan save the largest amount per account ($34,492).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Michigan Education Savings Program | 310,639 | $24,713 |
| Michigan 529 Advisor Plan | 56,262 | $19,647 |
| Michigan Education Trust (MET) | 32,141 | $34,492 |
Minnesota 529 Plan Statistics
Families in Minnesota had 95,210 active 529 accounts at the end of 2023.
- Minnesota families with 529 plans saved an average of $60.41 per month, per account in 2023.
- The average Minnesota 529 account had $19,854 saved at the end of 2023, up 2.82% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $1.890 billion saved for college at the end of 2023.
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Minnesota College Savings Plan | 95,210 | $19,854 |
Mississippi 529 Plan Statistics
Families in Mississippi had 29,153 active 529 accounts at the end of 2023.
- Mississippi families with 529 plans saved an average of $288.06 per month, per account in 2023.
- The average Mississippi 529 account had $20,301 saved at the end of 2023, up 14.64% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $592 million saved for college at the end of 2023.
- The most popular savings plan is Mississippi Affordable College Savings, with $300 million saved in 16,973 accounts.
- Families who use the Mississippi Prepaid Affordable College Tuition Program save the largest amount per account ($23,979).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Mississippi Affordable College Savings | 16,973 | $17,662 |
| Mississippi Prepaid Affordable College Tuition Program | 12,180 | $23,979 |
Missouri 529 Plan Statistics
Families in Missouri had 192,030 active 529 accounts at the end of 2023.
- Missouri families with 529 plans saved an average of $137.99 per month, per account in 2023.
- The average Missouri 529 account had $21,084 saved at the end of 2023, up 6.26% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $4.049 billion saved for college at the end of 2023.
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Missouri Saving for Tuition (MOST) | 192,030 | $21,084 |
Montana 529 Plan Statistics
Families in Montana had 13,473 active 529 accounts at the end of 2023.
- Montana families with 529 plans saved an average of $89.75 per month, per account in 2023.
- The average Montana 529 account had $16,238 saved at the end of 2023, up 5.24% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $219 million saved for college at the end of 2023.
- The most popular savings plan is Achieve Montana, with $197 million saved in 11,631 accounts.
- Families who use the Achieve plan save the largest amount per account ($16,957).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Montana Family Education Savings Program ‐ Bank Plan | 1,842 | $11,694 |
| Achieve Montana | 11,631 | $16,957 |
Nebraska 529 Plan Statistics
Families in Nebraska had 298,105 active 529 accounts at the end of 2023.
- Nebraska families with 529 plans saved an average of $167.77 per month, per account in 2023.
- The average Nebraska 529 account had $22,286 saved at the end of 2023, up 7.27% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $6.892 billion saved for college at the end of 2023.
- The most popular savings plan is the Nebraska Educational Savings Plan Trust – Direct, with $2.527 billion saved in 93,184 accounts.
- Families who use the Bloomwell 529 Education Savings Plan save the largest amount per account ($28,528).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Nebraska Educational Savings Plan Trust ‐ Direct | 93,184 | $27,118 |
| Nebraska Educational Savings Plan Trust ‐ Advisor | 78,368 | $17,581 |
| Bloomwell 529 Education Savings Plan | 72,047 | $28,528 |
| State Farm 529 Plan | 54,506 | $12,543 |
Nevada 529 Plan Statistics
Families in Nevada had 1.029 million active 529 accounts at the end of 2023.
- Nevada families with 529 plans saved an average of $376.91 per month, per account in 2023.
- The average Nevada 529 account had $39,745 saved at the end of 2023, up 9.33% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $40.892 billion saved for college at the end of 2023.
- The most popular savings plan is the Nevada Vanguard 529 Plan, with $32.647 billion saved in 579,674 accounts.
- Families who use the Vanguard 529 save the largest amount per account ($56,320).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Putnam 529 for America | 16,291 | $27,155 |
| USAA College Savings Plan | 297,590 | $18,320 |
| SSgA Upromise 529 Plan | 102,048 | $13,012 |
| The Vanguard 529 Plan | 579,674 | $56,320 |
| Wealthfront’s College Savings Program | 22,487 | $27,346 |
| Nevada Prepaid Tuition Program | 10,789 | $37,816 |
New Hampshire 529 Plan Statistics
Families in New Hampshire had 959,323 active 529 accounts at the end of 2023.
- New Hampshire families with 529 plans saved an average of $97.94 per month, per account in 2023.
- The average New Hampshire 529 account had $25,447 saved at the end of 2023, up 3.59% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $24.412 billion saved for college at the end of 2023.
- The most popular savings plan is the New Hampshire UNIQUE College Investing Plan, with $19.449 billion saved in 799,730 accounts.
- Families who use the New Hampshire Fidelity Advisor 529 Plan save the largest amount per account ($31,094).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Fidelity Advisor 529 Plan | 159,593 | $31,094 |
| UNIQUE College Investing Plan | 799,730 | $24,320 |
New Jersey 529 Plan Statistics
Families in New Jersey had 260,334 active 529 accounts at the end of 2023.
- New Jersey families with 529 plans saved an average of $138.00 per month, per account in 2023.
- The average New Jersey 529 account had $24,013 saved at the end of 2023, up 5.43% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $6.275 billion saved for college at the end of 2023.
- The most popular savings plan is the New Jersey Franklin Templeton 529, with $4.583 billion saved in 192,644 accounts.
- Families who use the New NJ BEST 529 College Savings Plans save the largest amount per account ($24,993).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Franklin Templeton 529 | 192,644 | $23,791 |
| NJ BEST 529 College Savings Plans | 67,690 | $24,993 |
New Mexico 529 Plan Statistics
Families in New Mexico had 105,126 active 529 accounts at the end of 2023.
- New Mexico families with 529 plans saved an average of $111.44 per month, per account in 2023.
- The average New Mexico 529 account had $21,709 saved at the end of 2023, up 4.84% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $2.282 billion saved for college at the end of 2023.
- The most popular savings plan is the New Mexico Scholar’s Edge plan, with $1.624 billion saved in 76,427 accounts.
- Families who use the New Mexico The Education Plan save the largest amount per account ($22,951).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| New Mexico Scholar’s Edge | 76,427 | $21,243 |
| New Mexico The Education Plan | 28,699 | $22,951 |
New York 529 Plan Statistics
Families in New York had 1.3 million active 529 accounts at the end of 2023.
- New York families with 529 plans saved an average of $290.48 per month, per account in 2023.
- The average New York 529 account had $36,063 saved at the end of 2023, up 7.82% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $46.878 billion saved for college at the end of 2023.
- The most popular savings plan is New York’s 529 College Savings Program Direct Plan, with $38.618 billion saved in 1.061 million accounts.
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| New York’s 529 College Savings Program Direct Plan | 1,060,598 | $36,411 |
| New York’s 529 Advisor Guided College Savings Program | 239,297 | $34,520 |
North Carolina 529 Plan Statistics
Families in North Carolina had 181,659 active 529 accounts at the end of 2023.
- North Carolina families with 529 plans saved an average of $206.85 per month, per account in 2023.
- The average North Carolina 529 account had $22,674 saved at the end of 2023, up 8.94% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $4.119 billion saved for college at the end of 2023.
- The most popular savings plan is North Carolina’s National College Savings Program, with $3.395 billion saved in 165,491 accounts.
- Families who use the North Carolina / Morgan Stanley National Advisory 529 Plan save the largest amount per account ($44,783).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| North Carolina’s National College Savings Program | 165,491 | $20,514 |
| North Carolina / Morgan Stanley National Advisory 529 Plan | 16,168 | $44,783 |
North Dakota 529 Plan Statistics
Families in North Dakota had 54,199 active 529 accounts at the end of 2023.
- North Dakota families with 529 plans saved an average of $32.04 per month, per account in 2023.
- The average North Dakota 529 account had $11,113 saved at the end of 2023, up 2.66% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $602 million saved for college at the end of 2023.
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| North Dakota: College SAVE | 54,199 | $11,113 |
Ohio 529 Plan Statistics
Families in Ohio had 672,579 active 529 accounts at the end of 2023.
- Ohio families with 529 plans saved an average of $246.11 per month, per account in 2023.
- The average Ohio 529 account had $24,397 saved at the end of 2023, up 9.99% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $16.409 billion saved for college at the end of 2023.
- The most popular savings plan is the Ohio CollegeAdvantage Direct Plan, with $9.979 billion saved in 394,915 accounts.
- Families who use CollegeAdvantage Direct save the largest amount per account ($25,268).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Ohio CollegeAdvantage Guaranteed 529 Savings Plan | 5,813 | $23,578 |
| Ohio CollegeAdvantage Direct Plan | 394,915 | $25,268 |
| Ohio CollegeAdvantage Advisor 529 Savings Plan | 271,851 | $23,149 |
Oklahoma 529 Plan Statistics
Families in Oklahoma had 81,892 active 529 accounts at the end of 2023.
- Oklahoma families with 529 plans saved an average of $135.15 per month, per account in 2023.
- The average Oklahoma 529 account had $21,602 saved at the end of 2023, up 5.97% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $1.520 billion saved for college at the end of 2023.
- The most popular savings plan is the Oklahoma College Savings Plan, with $1.269 billion saved in 68,843 accounts.
- Families who use the OklahomaDream 529 Plan save the largest amount per account ($19,259).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Oklahoma College Savings Plan | 68,843 | $18,428 |
| OklahomaDream 529 Plan | 13,049 | $19,259 |
Oregon 529 Plan Statistics
Families in Oregon had 223,750 active 529 accounts at the end of 2023.
- Oregon families with 529 plans saved an average of $135.15 per month, per account in 2023.
- The average Oregon 529 account had $21,602 saved at the end of 2023, up 5.96% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $4.834 billion saved for college at the end of 2023.
- The most popular savings plan is the Oregon College Savings Plan, with $2.989 billion saved in 138,843 accounts.
- Families who use the Oregon MFS 529 Savings Plan save the largest amount per account ($21,730).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Oregon College Savings Plan | 138,843 | $21,524 |
| Oregon MFS 529 SAVINGS PLAN | 84,907 | $21,730 |
Pennsylvania 529 Plan Statistics
Families in Pennsylvania had 278,632 active 529 accounts at the end of 2023.
- Pennsylvania families with 529 plans saved an average of $185.32 per month, per account in 2023.
- The average Pennsylvania 529 account had $25,915 saved at the end of 2023, up 6.88% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $7.221 billion saved for college at the end of 2023.
- The most popular savings plan is the Pennsylvania 529 Investment Plan, with $4.924 billion saved in 170,015 accounts.
- Families who use the 529 Investment Plan save the largest amount per account ($28,962).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Pennsylvania 529 Guaranteed Savings Plan | 108,617 | $21,147 |
| Pennsylvania 529 Investment Plan | 170,015 | $28,962 |
Rhode Island 529 Plan Statistics
Families in Rhode Island had 160,486 active 529 accounts at the end of 2023.
- Rhode Island families with 529 plans saved an average of $48.42 per month, per account in 2023.
- The average Rhode Island 529 account had $25,223 saved at the end of 2023, up 1.75% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $4.048 billion saved for college at the end of 2023.
- The most popular savings plan is the Rhode Island CollegeBound 529, with $3.649 billion saved in 137,800 accounts.
- Families who use the RI CollegeBound 529 save the largest amount per account ($26,480).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Rhode Island CollegeBound 529 | 137,800 | $26,480 |
| Rhode Island CollegeBound Saver | 22,686 | $17,587 |
South Carolina 529 Plan Statistics
Families in South Carolina had 21,587 active 529 accounts at the end of 2023.
- South Carolina families with 529 plans saved an average of $197.45 per month, per account in 2023.
- The average South Carolina 529 account had $26,640 saved at the end of 2023, up 7.15% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $6.080 billion saved for college at the end of 2023.
- The most popular savings plan is South Carolina Future Scholars ‐ Advisor, with $3.704 billion saved in 132,396 accounts.
- Families who use the Future Scholars – Advisor plan save the largest amount per account ($27,977).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| South Carolina Tuition Prepaid Program | 1,488 | $19,240 |
| South Carolina Future Scholars ‐ Advisor | 132,396 | $27,977 |
| South Carolina Future Scholars ‐ Direct | 94,331 | $24,880 |
South Dakota 529 Plan Statistics
Families in South Dakota had 21,587 active 529 accounts at the end of 2023.
- South Dakota families with 529 plans saved an average of $253.03 per month, per account in 2023.
- The average South Dakota 529 account had $38,648 saved at the end of 2023, up 6.26% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $834 million saved for college at the end of 2023.
- The most popular savings plan is South Dakota CollegeAccess 529 Plan ‐ Advisor, with $800 million saved in 19,914 accounts.
- Families who use the CollegeAccess 529 Plan ‐ Advisor save the largest amount per account ($40,170).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| South Dakota CollegeAccess 529 Plan ‐ Advisor | 19,914 | $40,170 |
| South Dakota CollegeAccess 529 Plan ‐ Direct | 1,673 | $20,537 |
Tennessee 529 Plan Statistics
Families in Tennessee had 25,876 active 529 accounts at the end of 2023.
- Tennessee families with 529 plans saved an average of $130.55 per month, per account in 2023.
- The average Tennessee 529 account had $12,737 saved at the end of 2023, up 10.16% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $330 million saved for college at the end of 2023.
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| TNStars College Savings 529 Program | 25,876 | $12,737 |
Texas 529 Plan Statistics
Families in Texas had 101,826 active 529 accounts at the end of 2023.
- Texas families with 529 plans saved an average of $411.07 per month, per account in 2023.
- The average Texas 529 account had $24,530 saved at the end of 2023, up 17.8% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $2.498 billion saved for college at the end of 2023.
- The most popular savings plan is the Texas College Savings Plan, with $804 million saved in 41,058 accounts.
- Families who use the Texas Tuition Promise Fund plan save the largest amount per account ($36,196).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Texas Tuition Promise Fund | 32,358 | $36,196 |
| Texas Guaranteed Tuition Plan | 18,896 | $15,846 |
| Texas College Savings Plan | 41,058 | $19,576 |
| Texas LoneStar 529 Plan | 9,514 | $23,474 |
Utah 529 Plan Statistics
Families in Utah had 498,672 active 529 accounts at the end of 2023.
- Utah families with 529 plans saved an average of $356.50 per month, per account in 2023.
- The average Utah 529 account had $44,008 saved at the end of 2023, up 7.86% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $21.945 billion saved for college at the end of 2023.
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Utah my529 | 498,672 | $44,008 |
Vermont 529 Plan Statistics
Families in Vermont had 29,016 active 529 accounts at the end of 2023.
- Vermont families with 529 plans saved an average of $134.92 per month, per account in 2023.
- The average Vermont 529 account had $21,633 saved at the end of 2023, up 5.95% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $628 million saved for college at the end of 2023.
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Vermont Higher Education Plan | 29,016 | $21,633 |
Virginia 529 Plan Statistics
Families in Virginia had 3.1 million active 529 accounts at the end of 2023.
- Virginia families with 529 plans saved an average of $251.59 per month, per account in 2023.
- The average Virginia 529 account had $31,184 saved at the end of 2023, up 7.83% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $96.680 billion saved for college at the end of 2023.
- The most popular savings plan is Virginia CollegeAmerica, with $85.698 billion saved in 2.572 million accounts.
- Families who use the Virginia Prepaid529 plan save the largest amount per account ($59,025).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Virginia CollegeAmerica | 2,572,498 | $33,313 |
| Virginia Prepaid529 | 39,210 | $59,025 |
| Virginia Invest529 | 488,606 | $17,740 |
Washington 529 Plan Statistics
Families in Washington had 90,395 active 529 accounts at the end of 2023.
- Washington families with 529 plans saved an average of $166.16 per month, per account in 2023.
- The average Washington 529 account had $25,954 saved at the end of 2023, up 6.11% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $2.346 billion saved for college at the end of 2023.
- The most popular savings plan is the Washington Guaranteed Education Tuition (GET), with $1.668 billion saved in 64,307 accounts.
- Families who use the Washington DreamAhead College Investment Plan save the largest amount per account ($25,989).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Washington Guaranteed Education Tuition (GET) | 64,307 | $25,940 |
| Washington DreamAhead College Investment Plan | 26,088 | $25,989 |
West Virginia 529 Plan Statistics
Families in West Virginia had 110,909 active 529 accounts at the end of 2023.
- West Virginia families with 529 plans saved an average of $153.14 per month, per account in 2023.
- The average West Virginia 529 account had $25,225 saved at the end of 2023, up 5.55% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $2.909 billion saved for college at the end of 2023.
- The most popular savings plan is the West Virginia The Hartford SMART529 College Savings Plan, with $1.775 billion saved in 74,527 accounts.
- Families who use the West Virginia SMART529 Select College Savings Plan save the largest amount per account ($52,661).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| West Virginia The Hartford SMART529 College Savings Plan | 74,527 | $23,815 |
| West Virginia SMART529 WV Direct College Savings Plan | 23,713 | $19,675 |
| West Virginia SMART529 Select College Savings Plan | 12,669 | $52,661 |
Wisconsin 529 Plan Statistics
Families in Wisconsin had 340,007 active 529 accounts at the end of 2023.
- Wisconsin families with 529 plans saved an average of $155.69 per month, per account in 2023.
- The average Wisconsin 529 account had $21,279 saved at the end of 2023, up 7.05% from the year’s first fiscal quarter.
- Statewide, college-bound students and their families had $7.235 billion saved for college at the end of 2023.
- The most popular savings plan is Wisconsin EdVest, with $5.001 billion saved in 227,721 accounts.
- Families who use the Wisconsin EdVest plan save the largest amount per account ($21,960).
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| 529 Program | Number of Open Accounts | Savings per Account as of 12/31/2023 |
|---|---|---|
| Wisconsin EdVest | 227,721 | $21,960 |
| Wisconsin Tomorrow’s Scholar 529 Plan | 112,286 | $19,898 |
Wyoming 529 Plan Statistics
Wyoming terminated its 529 programs in 2006. College-bound residents of Wyoming may qualify for other states’ programs and national 529 plans such as the Private College 529 Plan or the SMART plans.
Private 529 Plan Statistics
A consortium of private colleges and universities (under the name CollegeWell) have a 529 savings plan designed for students who wish to attend private institutions.
- American families have 7,632 Private 529 accounts.
- Families with Private 529 plans saved an average of $71.91 per month, per account in 2023.
- The average Private 529 account had $21,279 saved at the end of 2023, up 7.05% from the year’s first fiscal quarter.
- College-bound students and their families had $7.235 billion saved in Private 529 accounts at the end of 2023.
