Comments on: College Savings Plans – 529 Savings Plan

By: Ryan

Ryan — Tue, 02 Feb 2010 16:27:34 +0000

Elizabeth, In most cases, the answer would be no, but it will depend on the rules used by your plan administrator and school. I recommend contacting your plan administrator for more information regarding qualified educational expenses.

By: Elizabeth

Elizabeth — Tue, 26 Jan 2010 15:14:30 +0000

I have a 529 plan. I wanted to use the money for living expenses while I am in law school. Can I do this without incurring a penalty

By: Ryan

Ryan — Sun, 29 Mar 2009 19:11:44 +0000

Janis: Yes you can – there are no age requirements for withdrawal from a 529 plan.

By: Janis

Janis — Sun, 29 Mar 2009 15:33:52 +0000

Can you save the funds in the 529 plan for education expenses for your child older than 18?

By: Ryan

Ryan — Thu, 12 Mar 2009 01:50:12 +0000

Kristy: I agree, the ability to use them for yourself (or later transfer them to another family member) makes 529 plans a very attractive option. It also means you can start one now, save money indefinitely, then transfer the funds to your children should you have them later in life.

By: Jeff Rose

Jeff Rose — Wed, 11 Mar 2009 20:50:37 +0000

@ Neal

Just an FYI, the IRS just changed adapted the rule where you can change 529 plan investment options twice a year in 2009. As of right now its just good for ‘09, but I imagine it will stick for good, but we’ll see….

By: Kristy @ Master Your Card

Kristy @ Master Your Card — Tue, 10 Mar 2009 05:19:15 +0000

You know, as long as I’ve been in finance, I didn’t realize 529s could be applied to yourself. I think this would be a great option to help sock money away for graduate school for myself. I don’t have kids right now, so it’s my education I’m thinking of and I don’t want any more loans! It’s going to be interesting paying those back as it is.

At any rate, now that I know I can use them on myself, I might just look into this a bit more. Thanks for sharing!

By: Squawkfox

Squawkfox — Mon, 09 Mar 2009 15:40:57 +0000

Congratulations Ryan! In Canada our education plans are called RESPs – and they are a fabulous way to sock savings away for a child’s education. Watching rules, reading fine print, and minding FEES are essential. Sounds like you have everything figured out!