NY 529 Savings

New York's 529 College Savings Program Direct Plan provides a flexible, convenient, and low-cost way to save for college. The Program features a wide range of investment choices, tax-free withdrawals when used for qualified higher-education expenses*, and contributions that are tax-deductible (up to certain limits**) for New York State residents. You can save for a child, grandchild, friend -- or even yourself. And the Program includes a valuable opportunity to accelerate your college savings through Upromise rewards -a free service that returns a percentage of your spending at hundreds of America's leading companies and can transfer that money directly to your Program account.

  • Additional advantages for New York State taxpayers. Withdrawals are exempt from New York State income tax when used for qualified higher-education expenses. New York taxpayers, who are account owners, can also deduct up to $5,000 of contributions ($10,000 for a married couple filing jointly) on their state income tax return each year
  • Low initial investment amounts. You can start with as little as $25
  • Low fees. Your only expense is a management fee of 0.25%.
  • Federal income tax advantages. Your assets grow tax-deferred and earnings on your withdrawals are exempt from federal income tax when used for qualified higher-education expenses.
  • Sixteen investment options by Vanguard. Choose from three age-based options that adjust your assets over time to more conservative allocations as your beneficiary nears college and 13 individual portfolios that you adjust yourself according to your own investment strategy and risk tolerance.
  • Gift tax advantages. You can contribute up to $65,000 in a single year ($130,000 for a married couple filing jointly) for each beneficiary without incurring federal gift tax provided you don't make any other gifts to that beneficiary for five years.***
  • Experienced management. The Program is managed by Upromise Investments Inc., with investment management and account services provided by Vanguard.

Learn more about the investment options and tax benefits of New York's 529 College Savings Program Direct Plan. To get started with the Program, open an account online or download or request an enrollment kit.

For additional information, please visit the program's website

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Human Resources
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