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NC 529 Plan

3.5 / 5

Our rating

Basic NC resident benefits

NC resident benefits

The NC 529 Plan features Vanguard funds in its 11 target enrollment portfolios, 5 individual and 5 static blend portfolios and Federally Insured Deposit

NC 529 Plan

KEY METRICS

OVERVIEW

Program type

Savings

Inception

2001

State agency

North Carolina State Education Assistance Authority

Tax deduction

For single filers: None

For joint filers: None

Program manager

College Foundation, Inc.

Program distributor

College Foundation, Inc.

Manager contract term

MORE INFORMATION

Eligibility

State residency requirements:

None

Who can be a participant/owner in the program?

Individuals at least 18 years old, emancipated minors, UGMA/UTMA custodians, and legal entities .

Significant time or age restrictions imposed by the program:

None

Contributions

Maximum contributions:

Accepts contributions until all account balances in the NC 529 plan for the same beneficiary reach $600,000.

Minimum contributions:

The minimum initial contribution is $25 and the minimum subsequent contribution is $25.

Does the program offer an e-gifting platform for receiving gift contributions?

By end of year 2022, the Plan will offer an online and mobile app gifting platform in partnership with Backer.com. The new robust gifting platform provides a unique gifting link for account owners to share with friends and family and allows gift-givers to save their own profile for recurring or future contributions. Account owners and gifters can make contributions using credit cards, Apple Pay, and Google Pay.

SPONSORED

Other great plans to consider

You are not limited to your own state's 529 plan, so compare the plan and tax benefits offered by your state to other options. Here are some plans that are available to residents of any state and have earned awards in our 529 Plan Ratings:

Investment Options

Investors in NC 529 Plan can select from the following investment options. Click on a portfolio name for more information.

The Year of Enrollment Option contains 11 portfolios of underlying funds. Contributions are placed into the portfolio corresponding to the beneficiary's anticipated year of enrollment.
PortfolioE.R. % Equity1yr performance
Vanguard Target Enrollment 2044/2045 Portfolio0.31%N/AN/A
Vanguard Target Enrollment 2042/2043 Portfolio0.31%N/AN/A
Vanguard Target Enrollment 2040/2041 Portfolio0.31%N/AN/A
Vanguard Target Enrollment 2038/2039 Portfolio0.31%N/AN/A
Vanguard Target Enrollment 2036/2037 Portfolio0.31%N/AN/A
Vanguard Target Enrollment 2034/2035 Portfolio0.31%N/AN/A
Vanguard Target Enrollment 2032/2033 Portfolio0.31%N/AN/A
Vanguard Target Enrollment 2030/2031 Portfolio0.31%N/AN/A
Vanguard Target Enrollment 2028/2029 Portfolio0.30%N/AN/A
Vanguard Target Enrollment 2026/2027 Portfolio0.30%N/AN/A
Vanguard Target Enrollment Commencement Portfolio0.30%N/AN/A

Age-based/Enrollment Year investment options:

The Year of Enrollment Option contains 11 portfolios of underlying funds. Contributions are placed into the portfolio corresponding to the beneficiary's anticipated year of enrollment.

Static investment options:

Select among five asset allocation portfolios: Aggressive Growth, Growth, Moderate Growth, Conservative Growth, Income, and five individual portfolios: Total Stock Market Index, Total International Stock Index, Total International Bond Index, Total Bond Market Index and Interest Accumulation

Underlying investments:

The Vanguard offers 11 target enrollment options. all of which invest in Vanguard mutual funds. The multi-fund and individual options invest in Vanguard mutual funds also.

Underlying fund allocations:

Portfolio Fees & Performance Lookup

Fees & Expenses

Enrollment or application fee:

None.

Account maintenance fee:

There are no account maintenance fees. If a participant chooses to receive paper statements and confirmations, rather than electronic, a fee of $1.50/month ($18.00/year) is charged to the account to cover printing, mailing, and other associated costs.

Program management fees:

0.25%

Expenses of the underlying investments:

Vanguard Target Enrollment Options: Ranges from 0.045% to 0.055%

Vanguard Individual and Multi-fund Options: 0.045% to 0.075%

Federally-Insured Deposit Account: None

Total asset-based expense ratio:

0.25% - 0.325%

Taxes and other Benefits

State tax deduction or credit for contributions:

None.

State tax recapture provisions:

N/A

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, apprenticeship programs, interest and/or principal on qualified education loans up to a $10,000 lifetime cap, and up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school. Distributions from a 529 account directly to a Roth IRA are considered a qualified expense for state income tax purposes.

State tax treatment of qualified distributions:

Qualified distributions from North Carolina and non-North Carolina 529 plans are exempt.

State tax treatment of rollovers:

North Carolina follows federal tax-free treatment.

Program match on contributions:

None.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

No

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?

No

Is there a rewards program or outside scholarship program that works with this program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Statutory protection of an account from creditors:

Distributions & Terminations

To whom are distributions made payable:

Participant, designated beneficiary, or copayable to the beneficiary and eligible educational institution, as directed by the participant.

Account Changes

Policy regarding participant/owner changes:

Accepts requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?

Yes

Can the complete enrollment process including funding be done online?

Yes

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

https://www.cfnc.org/save-for-college/?utm_source=SavingForCollege&utm_medium=referral&utm_campaign=SavingForCollege

Telephone:

1-800-600-3453

Twitter

https://twitter.com/MyNC529

Social Media

https://www.facebook.com/NC529SavingsPlan

While Saving For College strives to maintain accurate and up-to-date information using plan disclosure statements and other sources, readers should check the plan's official website and disclosure statement for the most current and complete details.

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