Alabama 529 College Savings Plan


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Alabama Higher Education 529 Fund

Alabama Savings/Investment Plan

Alabama Higher Education 529 Fund This is an investment program, managed by Van Kampen Investments, in which you choose from various investment strategies. The account beneficiary may be a child, adult or even yourself. You can use the account funds to cover the tuition, fees, books, room and board at any accredited college, trade or graduate school. Alabama residents can enjoy no sales charges, enrollment or ongoing maintenance fees when they invest in the Alabama 529 Plan. You can get more information and the application at the Alabama 529 Plan website.

Alabama Prepaid Tuition Program

Prepaid Affordable College Tuition Program (PACT) This program allows you to buy a contract prepaying 135 semester hours of college tuition and 8 semesters of qualified fee payments at any Alabama public college or university. You may also use PACT for payment to private or out-of-state institutions. The earlier you start the better, since the contract price is tied to the age of your child. You can find more information and the application at the Alabama Prepaid Affordable College Tuition Program (PACT) website. You should also check with a financial advisor and tax advisor to see if a 529 investment is right for you.

Both of these plans offer tax deferral, PACT for both state and federal, 529 for federal. The PACT Plan is also state and federal tax exempt for qualified withdrawals. The 529 fund is federal tax exempt for qualified withdrawals.

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