*Up to $10,000 is deductible from New York State income taxes for married couples filing jointly; single residents can deduct up to $5,000 annually.

Contributions to the Direct Plan in a tax year are deductible from New York State income tax, but may be subject to recapture in certain circumstances described in the Program Brochure and Tuition Savings Agreement.

**Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.

Please Note: Before investing in any 529 plan, you should consider whether your or the beneficiary’s home state offers a 529 plan that provides its taxpayers with favorable state tax and other benefits that are only available through investment in the home state's 529 plan. You also should consult your financial, tax, or other adviser to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state's 529 plan[s], or any other 529 plan, to learn more about those plans' features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.

The Comptroller of the State of New York and the New York State Higher Education Services Corporation are the Program Administrators and are responsible for implementing and administering the Direct Plan. Upromise Investments, Inc. serves as the Program Manager and has overall responsibility for the day-to-day operations, including effecting transactions and, in certain circumstances, assisting Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., with marketing and distribution of the Plan. The Vanguard Group, Inc. serves as Investment Manager for the Direct Plan and, in certain circumstances, assists Upromise Investments, Inc. with other administrative services. Vanguard Marketing Corporation markets and distributes the Direct Plan.

No guarantee: None of the State of New York, its agencies, the Federal Deposit Insurance Corporation (FDIC), The Vanguard Group, nor Upromise insures accounts or guarantees the principal deposited therein or any investment returns on any account or investment portfolio. The value of your account will vary based on market conditions and the performance of the investment options you select, and may be more or less than the amount you deposit.

New York's 529 College Savings Program currently includes two separate 529 plans. The Direct Plan is sold directly by the Program. You may also participate in the Advisor Plan, which is sold exclusively through financial advisors and has different investment options and higher fees and expenses as well as financial advisor compensation.

Upromise is a trademark of Upromise, Inc. Vanguard and the ship logo are trademarks of The Vanguard Group, Inc.

New York's 529 College Savings Program Direct Plan is described in the current applicable Program Brochure and Tuition Savings Agreement. Accounts are opened by completing an Enrollment Form. Call 1-877-NYSAVES or click for the Program Brochure and Tuition Savings Agreement, which includes investment objectives, risks, charges, expenses and other information; read and consider them carefully before investing. Vanguard Marketing Corporation, Distributor and Underwriter.