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Should you invest in a 529 college savings plan?

For most parents looking for a way to save for their child’s college education, a 529 college savings plan is a wise choice. That’s because the money you invest in one of these accounts grows tax-free if you use the funds toward eligible education expenses. Individual states offer 529 plans.

What is a 529 plan?

A 529 plan is a tax-advantaged savings account designed to be used for the beneficiary's education expenses. Use the money in your 529 for a wide range of college expenses at accredited schools nationwide in addition to tuition expenses for K-12, certain apprenticeship costs, and student loan repayments. 1

How much money can a 529 plan save?

You can spend 529 plan savings on college expenses, as well as K-12 tuition, certain apprenticeship costs, and student loan repayment up to $10,000 per beneficiary and each sibling. How Does a 529 Plan Work?

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