Why should I invest in a 529 plan when I can not be sure that my child will attend a public university in my state?
There is a misconception that 529 plans are only geared to families that send their children to a state school. There are two general types of 529 plans: prepaid programs and savings programs. The states offering prepaid tuition contracts covering in-state tuition will allow you to transfer the value of your contract to private and out-of-state schools (although you may not get full value depending on the particular state). If you decide to use a 529 savings program, the full value of your account can be used at any accredited college or university in the country (along with some foreign institutions). You can look up eligible institutions on the Education Department’s school code search page.
Related Questions
- What happens if my child currently does not attend a Saint Paul Public Schools and I do not apply to or call any school?
- Why should I invest in a 529 plan when I can not be sure that my child will attend a public university in my state?
- Can a child attend a public school in Cambridge if they don live there?
