529 Plan

What is a 529 Plan and How Does It Work?

A 529 plan is a tax-advantaged savings plan specifically for future education costs. It offers federal tax benefits and often state tax benefits, allowing your savings to grow faster for qualified education expenses. These plans can be used for college, vocational schools, or even K-12 tuition in some cases.

  1. Glossary Article
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Educational Savings Plan

An Educational Savings Plan is a dedicated investment account that helps families save for future education costs with tax advantages and flexible use for qualified expenses.

Perkins Loan

The Federal Perkins Loan was a need-based student loan program where the school acted as the lender. Although the program has ended, current borrowers have access to unique benefits, including specific loan cancellation programs.

Student Loans

Student loans provide crucial financial support for higher education but require understanding types, terms, and repayment options for successful management.

529 Plan State Residency Considerations

State residency can change whether you get state tax deductions, the size of those benefits, and whether a plan’s fees or investment choices suit you. Understanding residency rules can boost savings and prevent unexpected tax recapture.
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