Open a ScholarShare 529 College Savings education plan to start saving for college now (2024)

It’s quick and easy to open a ScholarShare 529 account—with no minimum investment! Start their education savings now.

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Watch this video for a step-by-step guide to opening your own ScholarShare 529.

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Here’s the information you’ll need in order to open your ScholarShare 529 account.

Account owner

(the person in charge of the account)

Name
Social Security Number or Taxpayer Identification Number
Date of birth
Current address
Investment portfolio decision
Bank account routing number

Beneficiary

(the person you’re saving money for)

Name
Social Security Number or Taxpayer Identification Number
Date of birth
Current address

Note: You can be the beneficiary of your own account.

Successor^*

(the person who would take over the account in the event of the account owner’s death)

Name
Date of birth
Telephone number

Successor Footnote

^*Note: Naming a successor is recommended ↩

529 fact

An account can be opened in anyone’s name (like a parent, grandparent, or family friend), at any time (even before a child is born) and easily transferred later.

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800-544-5248

Monday - Friday
8:00 AM - 7:00 PM PT

For those with a hearing impairment, please contact us at the number above via a relay service. Language translation services available upon request.

Speak to an expert

You can schedule a consultation to discuss your college savings goals and ask questions about the plan.

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Question

Relevant FAQs

Anyone with a valid Social Security number or taxpayer identification number can be the beneficiary (including the account owner), which is why ScholarShare 529 is a plan for everyone. Learn more about who can open, benefit from and contribute to the ScholarShare 529 plan.

There’s no cost associated with opening a ScholarShare 529 account or owning more than one account. You could open a different account for each child.

You might do this to align investment strategies with the time frame each child will begin using the funds. For example, an older child’s account could be more conservatively invested to help protect your contributions as they near college, whereas a younger child’s account might be invested to balance growth and income strategies during a longer time frame. You may also prefer to pay college expenses first out of your highest growth account to maximize federal tax benefits and to encourage gift contributions from friends and family.

Keep in mind: ScholarShare 529 allows you the flexibility to select multiple investment portfolios within each account. This offers you more control to manage risk on your terms. For example, adding the Guaranteed Portfolio Option can help ensure a portion of your college savings is principal-protected.

Multiple accounts can also aid in estate planning by ensuring that college funds are allocated appropriately to each beneficiary upon the death of the account owner. But if you’d like to stick to one account, you can change any eligible beneficiary at any time and at no additional cost.

There are no sales charges, startup or maintenance fees associated with ScholarShare 529 accounts. For details on total annual asset-based fees, comprised of the underlying investment expenses for each investment option, the plan manager fee and state administration fee, review the Plan Fees for each individual investment portfolio.

Yes. Whether you have recently moved to the state, have an underperforming or higher-cost 529 plan, or just want to simplify, consolidating 529 accounts into ScholarShare 529 is easy. You can transfer funds from another 529 plan to your ScholarShare 529 account for the same beneficiary once within a 12-month period without incurring tax penalties.

Consolidating education savings into ScholarShare 529 also gives you a single view of your savings and performance as well as single-step payments to colleges, universities, K-12 schools, etc.¹

You may also save money that can go right back into your college fund. ScholarShare 529 expenses are less than half the national average for 529 plans.² You pay no sales charges, start up or maintenance fees.

The 529 plan from which you are transferring funds may be subject to different features, costs and surrender charges. As such, you should consult your tax advisor or the other 529 college savings plan prior to making any decisions. For more information, see How to manage an incoming rollover from another 529 saving plan account.

Footnotes

¹Withdrawals for tuition expenses at a public, private or religious elementary, middle, or high school can be withdrawn free from federal tax. For California taxpayers these withdrawals are subject to state income tax and an additional 2.5% California tax. You should talk to a qualified professional about how tax provisions affect your circ*mstances. K-12 withdrawals are limited to $10,000 per year for K-12 tuition.↩
²Source: ISS Market Intelligence 529 College Savings Fee Analysis 1Q 2024. ScholarShare 529’s average annual asset-based fees are 0.21% for all portfolios compared to 0.51% for all 529 plans.↩

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