Choosing The Best College 529 Plan: What You Need To Know

Young Man Doing Homework And Studying In College LibraryPhoto credit: Bigstock

American families are stashing away more cash than ever in 529 college plans. In 2013 the average account balance rose to $19, 584—a record high. 529 plans are a vehicle families can use to plan and pay for college tuition and other related expenses. There are many options when it comes to comparing and choosing the right plan for your unique situation. Consider the following 15 things when comparing different 529 plans:

1. You Aren’t Limited to Just Your State’s Plan

You don’t have to open a 529 college savings plan in your home state. A total of 49 states and the District of Columbia offer 529s. Wyoming has adopted the Colorado plan, and Washington offers only a prepaid plan. You can choose any of the 49 college savings plans. That’s why it’s important to look at all your options, which can seem overwhelming but there its not so bad when you learn that…

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