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What are 529 plan rules?

To qualify as a 529 plan under federal rules, a state program must not accept contributions in excess of the anticipated cost of a beneficiary's qualified education expenses. At one time, this meant five years of tuition, fees, and room and board at the costliest college under the plan, pursuant to the federal government's "safe harbor" guideline.

Can a 529 plan be applied to a student loan?

Yes, you can use a 529 plan to pay for qualified student loans. The SECURE Act allows account holders to use a lifetime limit of $10,000 per beneficiary to pay down student loans tax-free from their 529 plan — both federal student loans and most private ones.

How to withdraw money from a 529 college savings plan?

Money saved in a 529 plan can be withdrawn tax-free to pay for qualified education expenses. It’s up to the 529 plan account owner to calculate the amount of the tax-free distribution and how they want to receive the funds. Withdrawal requests can usually be made on the 529 plan’s website, by telephone or by mail.

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