Schoolhouse Capital, a division of State Street Corp., is teaming up with asset management giant Federated Investors and the state of Oregon to launch a state-sponsored 529-college savings program.

The new 529 plan, USA CollegeConnect, enables anyone, regardless of age or residency, to save by investing through Federated’s family of funds, either in a fund based on the child’s age, or in any combination of 11 mutual fund portfolios. Under the terms of the deal, Schoolhouse Capital will provide program management, investment management oversight and program administration for the plan.

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