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How a 529 works. These college savings plans offer tax-deferred growth and tax-free withdrawals when used for qualifying expenses, which for post-secondary education include tuition, fees and ...
A 529 plan comes in two broad varieties — a prepaid tuition plan and an education savings plan: A prepaid tuition program allows you to purchase college credits at today’s prices for future use.
Tax-free growth for education. A 529 plan gives you a tax-advantaged way to save for education. ... graduates or opts out of college. “529 plans can hold assets indefinitely as long as a living ...
Only 2.5 percent of all families had 529 college savings accounts in 2013. [3] As of August 2020, more than $360 billion was invested in 529 college savings plans. [4] There are two types of 529 plans: prepaid plans and savings plans. Prepaid plans Prepaid plans allow one to purchase tuition credits at today's rates to be used in the future.
Originally designed for college expenses, 529 plans can now be used for K-12 tuition at private schools and apprenticeship programs. Funding a 529 plan may have immediate tax benefits in some cases.
The Texas College Savings Plan (formerly the Tomorrow's College Investment Plan). The former, The Texas Guaranteed Tuition Plan , is a constitutionally guaranteed plan administered by the Board that allows individuals to prepay college tuition and required fees at Texas public two- and four-year colleges and universities at today’s cost.
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