Ever since the political backlash the president endured after talking about the possibility of taxing 529 plan earnings, legislation about improving 529 plans that was sitting still has now become a marathon runner towards the congressional finish line.
Once their child is born, parents are often bombarded with literature and advertisements touting different methods to save for college. And with the promise of guaranteed rates of return, cash-value life insurance policies are often pushed to eager, college-planning parents.
Financial aid consultants offer some tricks for navigating the system and point out the biggest sources of confusion their clients encounter along the way.
As the cost of higher education continues to rise, May 29th marks National 529 College Savings Day, a day to raise awareness about the importance of saving for college, specifically through 529 plans.
The Senate Finance Committee approved S. 335, the companion bill to H.R. 529, which was passed with a bipartisan vote by the House of Representatives in February.
This brochure summarizes what 529 plans are doing to target low and moderate income families to help them save for college.