529 Savings Plans

By electing to save for your child’s education in a tax-advantaged 529 investment account, you can prepare children for education expenses they will incur. This account allows your money to compound over time if appropriately invested, and you don’t have to pay taxes on the earnings if the money is used for qualifying education expenses.

Qualified higher education expenses include costs required for the enrollment or attendance at a college, university or other eligible post-secondary educational institution. The definition of qualified higher education expenses (for 529 plan purposes) also includes up to $10,000 per year in tuition for K-12 schools and up to $10,000 in student loan repayments.

You should check with your 529 plan provider to receive a list of common educational expenses and their qualification status per your 529 plan.