529 Account Balance Limits Increase
Effective August 1, 2006, account balance limits to the MFESP have been
increased to a maximum of $304,000 per
beneficiary, up from $289,000 in 2005.
The AFCSP limit will likely be increased
to $304,000 effective October 1, 2006.
Remember, however, no contribution
may be made to an account if it would
cause the sum of all Section 529 accounts for the same designated beneficiary to exceed the lesser of the balance
limit, $304,000, or the cost in current
dollars of the qualified higher education
expenses that the account owner reasonably anticipates the designated beneficiary will incur.