How Well Do You Know College 529 Plans?

How Well Do You Know College 529 Plans?

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Saving for college keeps getting more challenging. By 2024, the average sticker price for a year at public in-state college is expected to climb to $34,000, and for private school undergrads it could be $76,000, according to the College Board’s 2016 study “Trends in College Pricing.” For people looking for ways to fund future college expenses, 529 savings plans and prepaid tuition plans could be the answer. They allow parents and grandparents to sock away money for college tax-free that grows in investment value as children grow up. To see if you understand how they work (and their key differences), try this true-false quiz by Deborah Meyer, CPA, CFP™.

Meyer is a fee-only financial planner and investment adviser based in greater Saint Louis, Mo., who serves clients nationally. As the owner of WorthyNest, Deb educates and empowers families to build long-term wealth. Find Deb discussing family-minded finance on LinkedIn, Facebook or Twitter.

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