1. 529 Saving Plans

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A 529 plan is a type of tax-advantaged savings account designed for educational expenses. 529 programs are sometimes referred to as “qualified tuition plans” under law. They are approved under Internal Revenue Code Section 529. They are also sponsored by states, state agencies, or educational institutions.

529 savings plans cover a higher proportion of college expenses, unlike other savings options like retirement accounts. These plans allow families to grow their savings tax-free as long as the funds are used for eligible educational expenses.

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