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Florida program tops list of best-performing 529 plans

on Thursday,March 12,2009 20:03

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For newly admitted college students every bit of information on financing options helps, and in that vain Savingsforcollege.com has released a study ranking the performance of 529 savings plans.

In the ranking, the Florida College Investment Plan finished first among direct-sold plans in one-year and three-year investment performance for the period ending December 31, 2008.

The plan is administered by the Florida Prepaid College Board and is one of the smaller 529 savings programs with less than $150 million in assets compared to over $6 billion in the New York savings program.

"The year 2008 was very difficult for 529 savings plans," says Savingforcollege.com founder Joseph Hurley. "Most could not escape the turmoil in the stock and bond markets, although many conservative options managed to achieve positive returns."

Other top five programs for three-year performance included 529 plans from Iowa and Nebraska, and for one-year performance included plans from Utah, Missouri, and Georgia. Louisiana and South Carolina also placed among the top five.

The complete ranking can be found on the Savingsforcollege.com website.

Meanwhile, the economic stimulus package also contains 529 plan-related provisions which may facilitate college financing.

Under the new legislation, families will for the first time be able to buy computers and related technology using funds from the plans, a move that has been described as significant by the College Savings Plans Network.
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