Upromise, a college savings company that SLM Corp. bought in August of last year, said it has restructured Missouri’s 529 college savings plan.

Upromise, the program manager for the state’s Most 529 Advisor Plan, said Tuesday that it has added more investment products within the plan and reduced the fees associated with owning a 529 plan.

Other benefits include a state income tax deduction for contributions of up to $8,000 per year, the ability to contribute up to $12,000 each year per beneficiary without incurring the federal gift tax, and tax-free distributions when funds are used for qualified higher-education expenses, the Newton, Mass., company said Tuesday.

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