How to Save for College in the Big Ten States

During college football season, stadiums and sports bars are packed with excited fans ready to cheer on their favorite Big Ten conference teams. Whether itï ¿ ½s your alma mater or your hometown heroes, you may be hoping to send your son or daughter to a Big Ten school so that they can become part of the excitement one day. If thatï ¿ ½s the case, itï ¿ ½s a good idea to get started saving now, since the average cost of the 13 Big Ten sponsored state schools is $11,856 per year for residents and $30,025 for non-residents. Northwestern, the only private school in the conference will run you about $47,251 per year (source: U.S. News and World Report). A great way to get started saving is with a tax-advantaged 529 plan. You can invest in a 529 plan from any state no matter where you live or where your child decides to attend college, but itï ¿ ½s a good idea to check your home stateï ¿ ½s plan first to see if they offer any tax incentives for residents. Just for fun, hereï ¿ ½s a look at college savings plan options from the 11 states that are home to Big Ten college football teams: Start Slideshow Find 529 Plans in Your Home State Photo credit: Corey Seeman 1. Illinois University of Illinois One-year cost of tuition: $15,626 resident $30,786 non-resident Northwestern University One-year cost of tuition: $49,047 College Savings Options: Bright Directions College Savings Program Bright Start College Savings Program ï ¿ ½ Advisor Sold Plan Bright Start College Savings Program ï ¿ ½ Direct Sold Plan College Illinois! Prepaid Tuition Program Fun Fact:The Illinois Bright Directions plan recently announced a newly negotiated contract that eliminates the $10 set up fee and $3 quarterly maintenance fees charged by the accounts. Photo credit: Can Stock Photo/tupungato 2. Indiana Indiana University One-year cost of tuition: $10,388 resident $33,741 non-resident Purdue University One-year cost of tuition: $10,002 resident $28,804 non-resident College Savings Options: CollegeChoice 529 Direct Savings Plan CollegeChoice Advisor 529 Savings Plan CollegeChoice CD 529 Savings Plan Fun Fact: When parents in Howard County, IN open a CollegeChoice 529 college savings account, the Community Foundation of Howard County will fund the first $25. When at least five other people, or ï ¿ ½championsï ¿ ½ have contributed at least $5.29 to the account, they receive $75 through a community match. Photo credit: Can Stock Photo/ Knowlesgallery 3. Iowa -- University of Iowa One-year cost of tuition: $8,104 resident $27,890 non-resident College Savings Options: College Savings Iowa IAdvisor 529 Plan Fun Fact: College Savings Iowa offers residents Iowa InFocus, an interactive learning experience that introduces parents, grandparents and others to the benefits of saving for the higher education of a loved one. Photo credit: Can Stock Photo/ actionsports 4. Maryland -- University of Maryland One-year cost of tuition: $9,996 resident $31,144 non-resident College Savings Options: College Savings Plans of Maryland ï ¿ ½ College Investment Plan College Savings Plans of Maryland ï ¿ ½ Prepaid College Trust Fun Fact:Employee's of Maryland's Prince George County Public schools can make contributions to the College Investment Plan and the Prepaid College Trust by automatic payroll deduction. That may be one of the reasons why more families in Maryland are saving for college than most states. According to a report from College Savings Plans of Maryland, Sallie Mae statistics showed that more than 75 percent of Maryland families are saving for college, compared to only one-half of families in other states. Photo credit: Can Stock Photo/mcgill 5. Michigan University of Michigan One-year cost of tuition: $14,366 resident $43,377 non-resident Michigan State One-year cost of tuition: $13,560 resident $36,360 non-resident College Savings Options: MI 529 Advisor Plan Michigan Education Savings Program Michigan Education Trust Fun Fact: This October, Michiganï ¿ ½s 529 College Savings Plans presents the Detroit Zooï ¿ ½s annual ï ¿ ½Zoo Booï ¿ ½ celebration, which includes live entertainment, crafts, rides and a special 4D screening of the Wizard of Oz. Photo credit: Can Stock Photo/snehitdesign 6. Minnesota -- University of Minnesota One-year cost of tuition: $13,560 resident $20,810 non-resident College Savings Options: Fun Fact: The Minnesota College Savings Plan recently added seven investment options, including three age-based options. The plan also rehired TIAA-CREF as the service provider under a five-year contract, which reduced management fees by half. Photo credit: Can Stock Photo/jrferrermn 7. Nebraska -- University of Nebraska One-year cost of tuition: $8,382 resident $22,790 non-resident College Savings Options: Nebraska Education Saving Trust ï ¿ ½ Advisor College Savings Plan Nebraska Education Saving Trust ï ¿ ½ Direct College Savings Plan State Farm College Savings Plan TD Ameritrade 529 College Savings Plan Fun Fact: The Nebraska Education Savings Trust (NEST) offers a variety of scholarships and drawings to help fund childrenï ¿ ½s 529 savings plans. Photo credit: Flickr/Jared Hansen 8. Ohio -- Ohio State University One-year cost of tuition: $10,037 resident $26,537 non-resident College Savings Options: BlackRock CollegeAdvantage 529 Plan Ohio CollegeAdvantage - Guaranteed Savings Fund Ohio CollegeAdvantage 529 Savings Plan Fun Fact: The total assets under management in the Ohio CollegeAdvantage Direct Plan reached a high enough level to reduce the Ohio Tuition Trust Authority fee from 0.04% to 0.02%, effective June 19, 2015 and the Total Annual Fee from 0.025% to 0.02%, effective August 1, 2015. Photo credit: Flickr/Barely 9. Pennsylvania -- Penn State University One-year cost of tuition: $17,514 resident $31,346 non-resident College Savings Options: Pennsylvania 529 Guaranteed Savings Plan Pennsylvania 529 Investment Plan Fun Fact: The Pennsylvania Achieving a Better Life Experience Act (ABLE), if enacted, will provide families with a savings account for disability-related expenses, including college, without jeopardizing eligibility for important programs that their loved ones depend on. Contributions to a PA ABLE account will be deductible from state income tax. Photo credit: Can Stock Photo/trekandshoot 10. New Jersey -- Rutgers University One-year cost of tuition: $14,131 resident $29,521 non-resident College Savings Options: Franklin Templeton 529 College Savings Plan NJBEST 529 College Savings Plan Fun Fact: Students who save with an NJBEST 529 plan have an opportunity to earn a tax-free scholarship based on how much they contribute if they choose to attend a New Jersey college, up to a maximum of $1,500. Photo credit: Flickr/vrbrak 11. Wisconsin - University of Wisconsin One-year cost of tuition: $10,415 resident $29,665 non-resident College Savings Options: Edvest Tomorrowï ¿ ½s Scholar 529 Plan Fun Fact: Wisconsinï ¿ ½s Edvest 529 plan recently sponsored a contest for local kids to get a chance to be a ï ¿ ½Rookie Reporterï ¿ ½ for the Green Bay Packers, along with $1,000 in an Edvest account, four tickets to a Packers home game and autographed merchandise. Photo credit: Can Stock Photo/tbarrat During college football season, stadiums and sports bars are packed with excited fans ready to cheer on their favorite Big Ten conference teams. Whether itï ¿ ½s your alma mater or your hometown heroes, you may be hoping to send your son or daughter to a Big Ten school so that they can become part of the excitement one day. If thatï ¿ ½s the case, itï ¿ ½s a good idea to get started saving now, since the average cost of the 13 Big Ten sponsored state schools is $11,856 per year for residents and $30,025 for non-residents. Northwestern, the only private school in the conference will run you about $47,251 per year (source: U.S. News and World Report). A great way to get started saving is with a tax-advantaged 529 plan. You can invest in a 529 plan from any state no matter where you live or where your child decides to attend college, but itï ¿ ½s a good idea to check your home stateï ¿ ½s plan first to see if they offer any tax incentives for residents. Just for fun, hereï ¿ ½s a look at college savings plan options from the 11 states that are home to Big Ten college football teams: Start Slideshow Find 529 Plans in Your Home State Photo credit: Corey Seeman 1. Illinois University of Illinois One-year cost of tuition: $15,626 resident $30,786 non-resident Northwestern University One-year cost of tuition: $49,047 College Savings Options: Bright Directions College Savings Program Bright Start College Savings Program ï ¿ ½ Advisor Sold Plan Bright Start College Savings Program ï ¿ ½ Direct Sold Plan College Illinois! Prepaid Tuition Program Fun Fact:The Illinois Bright Directions plan recently announced a newly negotiated contract that eliminates the $10 set up fee and $3 quarterly maintenance fees charged by the accounts. Photo credit: Can Stock Photo/tupungato 2. Indiana Indiana University One-year cost of tuition: $10,388 resident $33,741 non-resident Purdue University One-year cost of tuition: $10,002 resident $28,804 non-resident College Savings Options: CollegeChoice 529 Direct Savings Plan CollegeChoice Advisor 529 Savings Plan CollegeChoice CD 529 Savings Plan Fun Fact: When parents in Howard County, IN open a CollegeChoice 529 college savings account, the Community Foundation of Howard County will fund the first $25. When at least five other people, or ï ¿ ½championsï ¿ ½ have contributed at least $5.29 to the account, they receive $75 through a community match. Photo credit: Can Stock Photo/ Knowlesgallery 3. Iowa -- University of Iowa One-year cost of tuition: $8,104 resident $27,890 non-resident College Savings Options: College Savings Iowa IAdvisor 529 Plan Fun Fact: College Savings Iowa offers residents Iowa InFocus, an interactive learning experience that introduces parents, grandparents and others to the benefits of saving for the higher education of a loved one. Photo credit: Can Stock Photo/ actionsports 4. Maryland -- University of Maryland One-year cost of tuition: $9,996 resident $31,144 non-resident College Savings Options: College Savings Plans of Maryland ï ¿ ½ College Investment Plan College Savings Plans of Maryland ï ¿ ½ Prepaid College Trust Fun Fact:Employee's of Maryland's Prince George County Public schools can make contributions to the College Investment Plan and the Prepaid College Trust by automatic payroll deduction. That may be one of the reasons why more families in Maryland are saving for college than most states. According to a report from College Savings Plans of Maryland, Sallie Mae statistics showed that more than 75 percent of Maryland families are saving for college, compared to only one-half of families in other states. Photo credit: Can Stock Photo/mcgill 5. Michigan University of Michigan One-year cost of tuition: $14,366 resident $43,377 non-resident Michigan State One-year cost of tuition: $13,560 resident $36,360 non-resident College Savings Options: MI 529 Advisor Plan Michigan Education Savings Program Michigan Education Trust Fun Fact: This October, Michiganï ¿ ½s 529 College Savings Plans presents the Detroit Zooï ¿ ½s annual ï ¿ ½Zoo Booï ¿ ½ celebration, which includes live entertainment, crafts, rides and a special 4D screening of the Wizard of Oz. Photo credit: Can Stock Photo/snehitdesign 6. Minnesota -- University of Minnesota One-year cost of tuition: $13,560 resident $20,810 non-resident College Savings Options: Fun Fact: The Minnesota College Savings Plan recently added seven investment options, including three age-based options. The plan also rehired TIAA-CREF as the service provider under a five-year contract, which reduced management fees by half. Photo credit: Can Stock Photo/jrferrermn 7. Nebraska -- University of Nebraska One-year cost of tuition: $8,382 resident $22,790 non-resident College Savings Options: Nebraska Education Saving Trust ï ¿ ½ Advisor College Savings Plan Nebraska Education Saving Trust ï ¿ ½ Direct College Savings Plan State Farm College Savings Plan TD Ameritrade 529 College Savings Plan Fun Fact: The Nebraska Education Savings Trust (NEST) offers a variety of scholarships and drawings to help fund childrenï ¿ ½s 529 savings plans. Photo credit: Flickr/Jared Hansen 8. Ohio -- Ohio State University One-year cost of tuition: $10,037 resident $26,537 non-resident College Savings Options: BlackRock CollegeAdvantage 529 Plan Ohio CollegeAdvantage - Guaranteed Savings Fund Ohio CollegeAdvantage 529 Savings Plan Fun Fact: The total assets under management in the Ohio CollegeAdvantage Direct Plan reached a high enough level to reduce the Ohio Tuition Trust Authority fee from 0.04% to 0.02%, effective June 19, 2015 and the Total Annual Fee from 0.025% to 0.02%, effective August 1, 2015. Photo credit: Flickr/Barely 9. Pennsylvania -- Penn State University One-year cost of tuition: $17,514 resident $31,346 non-resident College Savings Options: Pennsylvania 529 Guaranteed Savings Plan Pennsylvania 529 Investment Plan Fun Fact: The Pennsylvania Achieving a Better Life Experience Act (ABLE), if enacted, will provide families with a savings account for disability-related expenses, including college, without jeopardizing eligibility for important programs that their loved ones depend on. Contributions to a PA ABLE account will be deductible from state income tax. Photo credit: Can Stock Photo/trekandshoot 10. New Jersey -- Rutgers University One-year cost of tuition: $14,131 resident $29,521 non-resident College Savings Options: Franklin Templeton 529 College Savings Plan NJBEST 529 College Savings Plan Fun Fact: Students who save with an NJBEST 529 plan have an opportunity to earn a tax-free scholarship based on how much they contribute if they choose to attend a New Jersey college, up to a maximum of $1,500. Photo credit: Flickr/vrbrak 11. Wisconsin - University of Wisconsin One-year cost of tuition: $10,415 resident $29,665 non-resident College Savings Options: Edvest Tomorrowï ¿ ½s Scholar 529 Plan Fun Fact: Wisconsinï ¿ ½s Edvest 529 plan recently sponsored a contest for local kids to get a chance to be a ï ¿ ½Rookie Reporterï ¿ ½ for the Green Bay Packers, along with $1,000 in an Edvest account, four tickets to a Packers home game and autographed merchandise. Photo credit: Can Stock Photo/tbarrat