MINNESOTA

Minnesota College Savings Plan

Type: Savings

Phone: 877-338-4646

State tax deduction for residents: No

Open to nonresidents: Yes

Refund provisions: Penalty of 10% of earnings

Minimum/maximum contributions: $25 / $235,000

Other: Families with income of less than $50,000 are eligible for a 15% matching grant on contributions of at least $200 a year. Families with income between $50,000 and $80,000 are eligible for a 5% matching grant on contributions of at least $300 a year.

Like most of the other TIAA-CREF plans, this plan has conservative investment choices that have managed to outpace their peers in bad markets. But as the stock market has rebounded in the past year, performance has lagged. The age-based portfolio starts at 75% equities and tips toward fixed-income investment by age 10. You can also invest in an all-stock portfolio or an interest-bearing option with a 3% minimum guarantee.

Expenses are a very low 0.65% per year. Residents with incomes up to $80,000 can earn a matching grant of up to $300.

State College Savings Plans