ScholarShare 529 is a state-sponsored, tax-advantaged 529 college savings plan that’s helping families and individuals save for the cost of higher education. Any ScholarShare 529 earnings grow free from federal and state tax. Withdrawals for qualified higher education expenses are tax-free at both the federal and state level. ScholarShare 529 is a state-sponsored, tax-advantaged 529 college savings plan that’s helping families and individuals save for the cost of higher education. Any ScholarShare 529 earnings grow free from federal and state tax. Withdrawals for qualified higher education expenses are tax-free at both the federal and state level.