Any adult with a U.S. Social Security number or Individual Taxpayer Identification Number (ITIN) who wants to help fund the private college education of a child, grandchild, loved one or even yourself, can open an account. There are no income limits for participation.
An account may also be opened in the name of a trust, estate or business for a named beneficiary or for unnamed beneficiaries.
The maximum contribution per beneficiary changes annually and is equal to the cost of five years of full-time tuition at the most expensive participating college. For the 2019-2020 Program Year, that amount is $296,490.
You may set up an automatic contribution plan and contribute as little as $25 a month. You are not required to make regular contributions. Especially if you are just getting started, you may contribute when you have money available, e.g. tax refund, bonus, inheritance. You must contribute a minimum of $500 within two years.