Families saving for college will benefit from changes to the contract governing the state’s Bright Directions 529 college savings plan.
The newly negotiated contract eliminates a $10 set-up fee and $3 quarterly maintenance fee for families saving for college through Bright Directions, which means more investment dollars will go to college savings. Management fees also will be slashed by 43 percent. More than 104,000 accounts will benefit from the new terms, which take effect Nov. 15.
Independent rating agencies recognize Bright Directions as a solid investment with a competitive price that offers 55 investment options.