FIRST INTRODUCED IN 1996, 529 college savings plans offer parents a way to save for college expenses for a designated beneficiary. They are exempt from federal taxes and some states offer special tax benefits as well. And yet, studies show fewer than 1 in 5 people have a 529 plan.
With the growing number of people facing student loan debt, it’s worth asking how flexible the funds in a 529 plan are and whether a borrower can pay back student loans with them.
Check out our full blog over at the Student Loan Ranger blog for U.S. News!
The NFCC is offering free Student Loan Counseling through April 30, 2019 through participating member agencies! To connect with one today click the button below!