Welcome to the DC College Savings Plan. You probably know that college costs are rising faster than inflation. The DC College Savings Plan can provide you with special tax advantages that can make saving for those costs a little easier. My goal as District Treasurer is to make the DC College Savings Plan the best higher education savings tool available to you.
The DC College Savings Plan is open to everyone in the nation. Your money in the plan can be used at any accredited higher education institution, such as a community college, technical school, or undergraduate and graduate school.
By investing in the plan, your earnings will grow free of federal and state taxes. Money withdrawn from your account to pay for qualified higher-education expenses remains free of federal and District of Columbia income taxes, as well as income taxes in most other states.
District of Columbia residents receive an additional tax benefit. Residents may deduct up to $4,000 ($8,000 for married couples filing jointly) in contributions to their account from the federal adjusted gross income reported on their District of Columbia income tax return each year.
The DC College Savings Plan also features low initial investment minimums, a high contribution allowance, and no income requirements. You may choose to invest your contributions in a variety of investment options. So it's no surprise that nearly 14,000 people currently have more than $215 million invested for college costs through the plan.
The government of the District of Columbia has selected Calvert Investments, headquartered in Bethesda, Maryland, as program manager for the plan. With over 30 years of experience and close to $12 billion in assets, Calvert is an established financial services firm in and a recognized leader in offering sustainable and responsible mutual funds.
To learn more about the DC College Savings Plan, I encourage you to take advantage of the wealth of information available on this web site. You can even enroll on line. If you have questions or need assistance with your enrollment in the plan, call Calvert directly at 1-800-987-4859 (District residents) or 1-800-368-2745 (non-District residents) between 9 a.m. and 5:30 p.m. eastern time, Monday through Friday. Or ask a financial advisor for further information about the plan today.
Saving for your children's higher education sends a powerful message—that you believe in them. Thank you for considering the DC College Savings Plan as you plan for your children's future.
Deputy Chief Financial Officer and Treasurer