Last Chance: Md. Prepaid College Trust Deadline Approaches

Our new 'Last Chance' feature lets you know about important upcoming deadlines.

Families putting aside money for their children’s college education better circle this date in red on their calendars: Monday April 2, 2012.

That’s the deadline for when they can lock in 2012 tuition prices in Maryland, known as the Maryland Prepaid College Trust.

The College Savings Plans of Maryland, which administers the trust, says on its website the trust can be used at nearly any college nationwide.

The trust is one of two 529 college savings plans in the state, according to a press release from The College Savings Plans of Maryland.

The College Savings Plans of Maryland also administers another college savings plan, the Maryland College Investment Plan, a 529 savings plan that qualifies parents for Maryland state income tax deductions and can be used at most institutions nationally, the press release said.

There are 30,000 accounts in the Maryland Prepaid College Trust today, with an increase of 28 percent in accounts from 2010 to 2011, said spokeswoman Lauren Shipley.

Individuals can start college savings accounts for children ranging from newborns to high-school aged, she said.

The number of people enrolling in the prepaid trust has increased as college costs have increased.

Tuition increases from 2001 to 2011 at Maryland’s public colleges have ranged from 59 to 63 percent, according to College Savings Plan of Maryland data.

Families need to have mailed enrollments in the prepaid trust postmarked April 2, 2012, or they can be completed online by going to www.CollegeSavingsMD.org by 11:59 p.m. on April 2, according to a press release.

There are various options and payment plans available, ranging from one semester to five years at a university.

Know of an important deadline coming up? Add it to our announcements, events calendar, share it in the comments below or email me at sean.welsh@patch.com