CollegeAmerica

CollegeAmerica is a 529 college savings plan offered by Virginia. This plan stands out due to its unique advisor-sold structure, allowing investors to work with financial advisors to manage their investments. It offers a wide selection of investment options, including age-based portfolios and individual fund choices managed by well-known investment firms. CollegeAmerica also provides tax advantages, with tax-free growth and withdrawals when funds are used for qualified education expenses. Another noteworthy aspect is the program's scholarship opportunity, where account owners have a chance to win annual scholarships for higher education expenses. This plan offers Virginia residents a comprehensive and personalized approach to saving for their children's future education.

Enroll

State Tax Incentive

$4,000; fully deductible if 70 or older for individual and joint accounts

Program Manager

American Funds Service Company,

Investment Manager(s)

American Funds

Plan type

Advisor

Investments

Guided Investments

N/A

ESG Investments

Yes

Avg. expense fee

0.600%

Fee Range

0.27%-1.20%

Ratings

Backer Rating

Our rating is based on fees and tax savings advantages.

63%

for VA residents

45%

non-residents

Saving For College

Unbiased, independent resource for parents.

5

for VA residents

4.5

non-residents

Morningstar Rating

Once a year, the financial services firm Morningstar releases its 529 ratings.

Silver

Other

Connect with Mint.com

Track your finances in one place.

No

Connect with Backer

Full end to end enrollment, gifting and plan management.

Gifting Only

Mobile app

Backer App covers this plan.

No

General Recommendation

This is an advisor sold 529 plan, rated as bronze by Morningstar.