Ex officio: William Donald Schaefer, Comptroller of Maryland; Nancy K. Kopp, State Treasurer; Karen R. Johnson, Secretary of Higher Education; Nancy S. Grasmick, Ph.D., State Superintendent of Schools.
Joan E. Marshall, Executive Director
Staff: Ellen S. Markowitz
217 East Redwood St., Suite 1350
Baltimore, MD 21202
(410) 767-2949
1-888-4MD-GRAD (1-888-463-4723) (toll free, Maryland)
e-mail: mpct@mdbusiness.state.md.us
fax: (410) 333-2295
web: www.collegesavingsmd.org/
In 1997, the Maryland Higher Education Investment Board was created as the Maryland Higher Education Investment Program Board (Chapters 110, 111, Acts of 1997). It adopted its present name in July 2000 (Chapter 494, Acts of 2000). The Board oversees the Maryland Prepaid College Trust and the Maryland College Investment Plan.
Maryland Prepaid College Trust. The Maryland Prepaid College Trust was established by the Board in 1997 to hold investments. Under the Trust, Maryland residents may prepay tuition for a college education. At Maryland public colleges and universities, the Trust is designed to pay the equivalent of the in-state student tuition and mandatory fees. This is accomplished through the purchase of tuition contracts by which the purchaser enters into a contract with the Board and makes payments in advance of enrollment. Benefits also may be applied to the tuition costs at any accredited private or out-of-state college. Room and board or dormitory fees are not covered, nor are many other expenses, such as books, transportation, health insurance, or lab fees.
Maryland College Investment Plan. The Maryland College Investment Plan formed in July 2000 (Chapter 494, Acts of 2000). To save for college, contributors establish an investment account on behalf of a qualified designated beneficiary. The assets and income of the account are exempt from State and local tax if used for certain higher education expenses. Maryland residents and nonresidents may participate in the Plan.
Nine members constitute the Maryland Higher Education Investment Board. Five are appointed to four-year terms by the Governor. Four serve ex officio (Code Education Article, secs. 18-1901 through 18-1916).
© Copyright November 06, 2002 Maryland State Archives