Colorado 529 Plan: What College Savers Should Know

By

Lyss Welding

Updated on December 8, 2023

Edited by

Rebecca Long

• Fact-checked by Chloe Appleby

Learn more about our editorial process

Colorado offers four unique 529 plans. Each helps people save for college a little differently.

Credit: Image Credit: beklaus / E+ / Getty Images

Colorado’s 529 Plans

CollegeInvest Direct Portfolio College Savings Plan

• Requires State Residency? No
• K-12 Expenses Eligible? No
• Fees: 0.29%
• Performance Notes: As of October 2023, moderate growth portfolio has gained an average of 5.29% in annual returns since its creation.

CollegeInvest Smart Choice College Savings Plan

• Requires State Residency? No
• K-12 Expenses Eligible? No
• Fees: 0%
• Performance Notes: It’s unclear how much you might expect to gain in dividends from this account since this plan operates more like a lower-interest savings account. You should ask FirstBank for specific details.

Stable Value Plus College Savings Plan

• Requires State Residency? No
• K-12 Expenses Eligible? No
• Fees: 0.71-0.99%
• Performance Notes: This plan offers a guaranteed rate of return, which changes annually. It will not go below 1.5%.

Scholars Choice Education Savings Plan (Advisor Sold)

• Requires State Residency? No
• K-12 Expenses Eligible? No
• Fees: 0.3-1.75%
• Performance Notes: On average, the 2024/2025 Enrollment Portfolio has lost 3.9% since its inception in July 2021.

Colorado 529 Plan Benefits

• State residents can deduct annual contributions to Colorado 529 on their taxes — up to $20,700 if they’re single and $31,000 if they’re married and filing jointly.
• In Colorado, you can contribute up to $500,000 in total to college savings plans.
• If your child was born in the state after 2020 and you open a direct-sold (not advisor-sold) Colorado 529 plan, the state will contribute $100.
• Colorado also matches up to $400 for low- and middle-income families.