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529 College Plan, the Ticket to your Child's Bright Future

Now is as good a time as any to start thinking about your children's future. College costs continue rising each year and if you save up for higher education costs when they are already in high school, it may already be too late. To help parents save up for their children's pursuit of higher education, 529 college plans have been developed. These plans are based from Internal Revenue Code section 529 where tax advantages are awarded to individuals or families who invest early for their children's higher educational needs. To have a deeper understanding of how 529 college plans can be the ticket to your child's bright future, take a look at the two types of plans available as well as the benefits that you can get from investing in 529 college plans.

There are two kinds of 529 college plans: prepaid tuition plans and college savings plans. Different rules apply for each state, so it is important to check out which type of plan is available in your state. Some states offer just one type of plan, others offer both. However, the main characteristics of each plan remain intact. With a 529 prepaid tuition plan, parents who wish to invest in their children's college education are allowed to purchase college credits or units at locked-in rates. This means that present rates will apply even though the units will not be used for years to come. Mandatory fees and tuition are covered with a 529 prepaid tuition plan. On the other hand, a 529 college savings plan is similar to investing in a stock or bond, and the earnings will depend on the current market. 529 college savings plan can cover almost all the college expenses that your children will have in the future: from tuition, to books, to room and board, as well as all the other mandatory fees.

Of course, the main advantage of investing in any of these 529 college plans is the tax benefits that you will get. For example, if you invest in a 529 college savings plan, you do not have to pay taxes on the earnings of the investment that you will make. Should your child decide to not go to college, the benefits can be transferred or assigned to another family member so the investment will not go to waste. Also, the person who initiated the account gains control of the assets no matter what the age of the beneficiary is, so it is a pretty secure investment no matter which way you look at it. Finally, if your child would not need the money when he or she goes to college due to a scholarship program, the investment can be withdrawn and you would only have to pay for the taxes without being subject to penalties. With all these benefits and more, 529 college plans are indeed a great way of saving up for your children's college expenses so that you can start investing on their future as well.

Jeff Dodd is a college finance expert and knows much about 529 College plans. Stop by http://www.all529college.com for the latest info.

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