i.
Integrated Data Infrastructure
Connect administrative records from multiple states and plan administrators to enable rigorous evaluation of 529 programs at scale.
Expanding access to college savings .
The National Consortium on College Savings Research (529 Consortium) connects economists, state treasurers, and program administrators to investigate the barriers limiting 529 participation, and to translate findings into policy and outreach that expand access among underserved families.
Our Partners
About
More than a resource
problem. An information problem.
More than 16 million families hold 529 accounts nationwide, yet participation remains sharply uneven. Low-income households and families without college degrees are far less likely to enroll.
The belief gap
61% perceive their potential savings as meaningless.
61 of 100 parents who could save enough to cover half of future college costs don't believe their contributions are meaningful.
The 529 Consortium is a multi-institutional research partnership co-hosted by the University of Chicago Becker Friedman Institute for Economics (BFI) and the Stanford Initiative for Financial Decision-Making (IFDM). Convened by the National Association of State Treasurers (NAST) and funded by the National Endowment for Financial Education (NEFE), the 529 Consortium builds integrated data infrastructure across states and plan administrators to answer policy-relevant questions about closing the 529 usage gap. Which families are saving? What drives participation? And how can plan design do more?
University of Chicago economists analyzed more than 900,000 Illinois 529 accounts to reveal how financial literacy gaps limit 529 enrollment, and, as a result, college and post-graduate enrollment.
Sixty-one percent of parents who could save enough to cover half of college costs don’t think their contributions are meaningful. That’s not a resource problem, it’s an information problem, and it’s exactly what a research consortium built around rigorous, multi-state data can solve.
Mission
Three pillars of the Consortium
ii.
Policy-Relevant Research
Generate evidence on the questions state policymakers ask most: Which families are using 529 plans? How do plan design features — matching grants, automatic enrollment, simplified interfaces — influence outcomes?
iii
Translation and Dissemination
Translate findings into actionable guidance for policymakers, program administrators, educators, and families.
Projects
Here's what states and researchers are exploring
Each founding state contributes a distinctive question, dataset, or natural experiment — and the projects below show what those questions look like in practice.
Illinois · Bright Start
University of Chicago economists John List, Guglielmo Briscese, and Sabrina Liu analyzed more than 900,000 Bright Start accounts and found that 61 percent of parents who could save enough to cover half of college costs don't believe their contributions are meaningful. The study also linked 529 savings data to college enrollment records through the National Student Clearinghouse — connecting how much families save to where their children ultimately attend college, whether they stay enrolled, and whether they graduate. Illinois research is now expanding to identify which outreach strategies and plan design features can close the gap between what families can save and what they actually do.
Projects
IL ·
Linking 529 records to college outcomes
University of Chicago economists John List, Guglielmo Briscese, and Sabrina Liu analyzed more than 900,000 Bright Start accounts and found that 61 percent of parents who could save enough to cover half of college costs don't believe their contributions are meaningful. The study also linked 529 savings data to college enrollment records through the National Student Clearinghouse — connecting how much families save to where their children ultimately attend college, whether they stay enrolled, and whether they graduate. Illinois research is now expanding to identify which outreach strategies and plan design features can close the gap between what families can save and what they actually do.
Resources
Accessible briefings and the research behind the work
A growing list of resources from briefings to research designed with parents, treasurers, and educators in mind.
News
Press releases and media mentions
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Events
Save the date
The 529 Consortium makes its public debut at the NAST Treasury Management Training Symposium in Oklahoma City.
- Date
- 18 June 2026
- City
- Oklahoma City, OK
- Host
- NAST TMT Symposium
Founding-state treasurers and research leadership present the initial agenda
Join founding state treasurers and research leadership from the 529 Consortium's co-hosting institutions as they present the initial research agenda and future goals. Learn how the Consortium is leveraging integrated data infrastructure to generate policy-relevant research and translate findings into actionable guidance for policymakers, program administrators, educators, and families. Video coverage of the panel discussion will be released following the event.
Event details
Partners
Spanning research institutions, states, and industry.
The 529 Consortium brings together partners who are leaders in academic research, policy experts and possess extensive on-the-ground program knowledge, under governance structures that keep the research agenda independent.
Co-Hosts
Becker Friedman Institute
University of Chicago
Research hub uniting Booth, Griffin Economics, Harris, and Law.
Visit BFIStanford IFDM
Stanford University
Initiative for Financial Decision-Making — collaboration of GSB, SIEPR, and Economics.
Visit IFDMFounding states
Illinois
Bright Start 529
$12.5B helped 345,700+ students save toward higher education.
Maine
NextGen 529
$500 Alfond Grant for every Maine baby — automatic, opt-out.
Pennsylvania
PA 529
$9B+ across 330,000+ accounts; three Morningstar Gold ratings.
Utah
my529
$29.2B across 612,000 accounts; Gold for fifteen straight years.
Treasurers, in their own words.
Five state treasurers on why they signed on — and what they hope rigorous, multi-state research can unlock for the families they serve.
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