Ascensus Hits $300B in 529 Assets
Ascensus today announced that it has surpassed $300 billion in total 529 plan assets.
The platform currently serves as the country’s largest 529 provider, with over 8.5 million accounts as of Jan. 12. It administers 51 state-sponsored 529 plans in the U.S., where it is responsible for supporting program operations, participant servicing, compliance, and technology. The platform administers these plans across 31 states and Washington, D.C.
“Reaching this milestone is a reflection of the trust that states, families, and partners place in Ascensus to operate these programs reliably and at scale, and it feels even more remarkable to achieve this during the 30th anniversary of the 529,” said Peg Creonte, president of Government Savings at Ascensus, in a statement. “Ascensus extends its deep appreciation to our state partners for their commitment to growing 529 plans and for embracing the technology and tools that are helping families save with greater confidence and convenience.”
Ascensus saw over 800,000 new 529 accounts open and over $25 billion in contributions in 2025. This includes $1.4 billion paid through Ugift, a platform that allows families and supporters of 529 account holders to gift contributions. According to Ascensus, account holders have used over $20 billion of 529 account savings towards qualified education expenses.
529 plans provide a tax-advantaged way to save and pay for education-related costs, including tuition and college expenses. Account holders contribute after-tax dollars to the accounts but can withdraw the money tax-free to pay for education expenses. Any unused funds can also be transferred to a Roth individual retirement account (IRA) to use for retirement needs.
Despite its popularity, some Americans remain oblivious to 529s and its benefits. Findings from Edward Jones last year shows that 52% of Americans remain unaware of what a 529 plan is, and only 14% have either used or say they are planning to incorporate the tool as part of their education savings strategy.
Ascensus has over $919 billion in assets under administration (AUA) and employs over 5,000 associates as of Sept. 30, 2025.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.