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Saving for higher education can be a daunting task, but with the right financial planning, it is possible to make this goal more achievable. One popular method for saving for education is through a 529 plan. In this article, we will explore what a 529 plan is, its benefits, how to open one, and various strategies to maximize its potential. Whether you’re a parent, guardian, or an individual planning for your own education, this guide will provide you with the essential information you need to know about 529 plans. Source
What is a 529 Plan?
A 529 plan is a tax-advantaged savings plan designed to help individuals and families save for education expenses. , which governs these plans. The funds contributed to a 529 plan can be used to cover qualified education expenses, such as tuition, fees, books, supplies, and even room and board for eligible institutions.
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