T. Rowe Price has won the 529 college savings plans for the State of Maryland. The state already offers the Maryland Prepaid College Trust and is set to open the Maryland College Investment Plan by next fall. The Baltimore-based fund firm is also part of the State of Alaska 529 program.

The new plan will allow investors to enroll in the plan year round while the existing plans only allows newborns to be enrolled year-round and limits beneficiaries up to age 10 to a November through February enrollment window. Account holders will be able to use program assets in any state in the nation.

The Maryland legislature approved the formation of the plan last year and he Maryland Board of Public Works approved the contract between the Maryland Prepaid College Trust's Board and T. Rowe Price this week. "We are excited about working with T. Rowe Price to develop our new Maryland College Investment Plan," said Edwin S. Crawford, chairman of the Maryland Higher Education Investment Board, which will oversee the administration of both plans. "The Board is very pleased to be working with a Maryland based investment management firm to manage Maryland's new Investment Plan."

"As a Maryland-based company since its founding more than 60 years ago, T. Rowe Price has a long-standing commitment to the economic future of Maryland and its citizens, so we're most gratified to be selected by the Maryland Higher Education Investment Board for this college investment plan," said James Riepe, vice chairman of T. Rowe Price.

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