A 529 plan is a highly advantageous way to save for a child’s or grandchild’s college education or pay for elementary or secondary school tuition. Earnings grow tax-deferred and avoid federal—and, in most cases, state—income tax when used to pay for qualified education expenses.
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While the cost of funding college continues to rise with each passing year, there are plenty of resources that parents and students can tap into to help offset these spiraling costs.
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There is no special sauce that solves the financial challenge of stratospheric college costs, but using a combination of strategies may help parents fund their child’s education with money to spare.
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