- Pays For More Than Just Tuition | Withdrawals can be used for any qualified higher education expense, including tuition, mandatory fees, supplies, books, computers or other required equipment, and even room and board.
- Ability To Change Beneficiaries | The beneficiary can be changed to a member of the immediate or extended family (including siblings, grandchildren, nieces, nephews, cousins and more).
- Control Of Assets | The account owner–not the beneficiary–maintains control of the assets, including how and when they will be used.
- Low Start-Up Costs | Many 529 plans allow account owners to contribute as little as $50 to open an account.
- Wide Range Of Schools | Accredited schools include any postsecondary college, university or vocational school that is eligible to participate in student aid programs administered by the U.S. Department of Education.
- No Income Restrictions | Anyone can open a plan regardless of income.
- Multiple Investment Options | Most 529 plans offer a wide range of investment choices allowing you to invest your assets in the portfolio that best suits your college investing goals.
- Convenience | You can create a monthly automatic investment plan, with portfolios that automatically rebalance as the beneficiary gets closer to college.
- Earnings Grow Tax Free | Earnings are free from federal income tax when withdrawn for qualified higher education expenses. Many states provide additional 529 state tax benefits to residents.
- Estate Planning | Five years’ worth of gifts (up to $70,000 for an individual or $140,000 if a married couple) can be made at once to a 529 plan without owing federal gift tax, as long as no other gifts are made to the same beneficiary over the five years.
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