College Saving Statistics [2024]: Average Savings & 529 Balance (2024)

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

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).

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 Hanco*ck 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).

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).

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).

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.

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).

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).

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.

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.

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).

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.

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.

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.

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).

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).

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).

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).

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.

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.

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.

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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*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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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.

Sources

1. Sallie Mae, How America Pays for College
2. College Savings Plan Network: 529 Plan Data
3. Internal Revenue Service, Tax Topics
4. Congressional Research Service Report, Individual Retirement Account (IRA) Ownership: Data and Policy Issues