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By Rachel Biar, Deputy State Treasurer for Savings Programs, Nebraska

October 29, 2024

Saving for higher education expenses may seem like an overwhelming task for individuals and families alike. A few of the most common and fundamental questions we encounter are: How much should I save? Where should I start? Can my family help?

To help conquer some of these most pressing concerns, let’s talk about the top savings challenges you and your family may face—and tips to help overcome them.

“It’s hard to get started.”

Saving for higher education is an investment in the future, and I think you’ll be surprised just how simple it can be to get started with a 529 savings plan. 529 plans provide options for every level of investor. For most plans, there is no minimum amount needed to open a 529 account and there are no hidden fees you need to watch out for. Once you’ve opened your account, you will be able to contribute when it fits your budget schedule, and you will have access to your account giving you the flexibility to monitor your progress along the way.

“I don’t know how much to save.”

Mapping out a budget can help you get started and assist you with your savings goals. Additionally, most 529 plans offer a College Savings Planning Calculator. This tool provides savings projections tailored to your specific goals so that you can determine your contributions and save with confidence. One of the great benefits of saving with a 529 account is that you choose the amount to save in a way that best works for you while working toward your financial goals.

“I don’t have enough time.”

Life is busy, and we and our budgets often get pulled in many directions. When you feel overwhelmed, take a moment, and realize it’s never too late to start saving for education costs. Sometimes just starting is all you need to do. Begin saving as early as it fits into your budget and try to save as often as possible to be prepared for the expenses associated with higher education. Setting up an automatic monthly contribution is a terrific way to keep your savings goals focused.

“It’s hard to do it alone.”

With a 529 account, it’s easy for you to invite family and friends to join in your savings journey. Loved ones can help boost your savings efforts by using free online gifting services provided by your 529 plan or by using 529 gift cards. These options are user-friendly and typically do not require added fees. It’s okay to be transparent with friends and family members about savings goals. Don’t be afraid to ask loved ones to consider sending gift contributions for holidays, birthdays, and special occasions. You might be thrilled how happy they are to help you!

As the costs of higher education continue to rise, it can ignite fears for anyone. It is increasingly necessary for all of us to be aware of the diverse options available to finance educational expenses like tuition, room and board, books, supplies and more. For all those looking to pursue higher education, we are with you and here to help every step of the way. 529 savings plans are a useful and simple savings method offering easy enrollment, flexible contribution setup, tax advantages and ongoing account management.

Fear can have a significant impact on life and your financial success. Are you ready to defeat your higher education financing fears? All of us who work with 529 savings plans are here for you! We are dedicated to helping you make saving for college less scary, and we are here to help you continue working towards your higher education savings goals. Don’t let fear hold you back. Start saving with a 529 plan today!

About the author

Rachel Biar is Deputy State Treasurer for Savings Programs in Nebraska and serves as Past Chair of the College Savings Plans Network. In her role she serves as the Director for the NEST 529 Education Savings Program. The Nebraska Educational Savings Trust (NEST) provides four plans: NEST Direct College Savings Plan, the NEST Advisor College Savings Plan, Bloomwell 529 Education Savings Plan, and the State Farm 529 Savings Plan. The Nebraska State Treasurer serves as the Program Trustee. Union Bank & Trust serves as the Program Manager, and all investments are approved by the Nebraska Investment Council. Families nationwide are saving for college using the NEST 529 plans, which have $7.2 billion in assets and 300,000 accounts. Visit NEST529.com and treasurer.nebraska.gov for more information.

James Diossa, General Treasurer, State of Rhode Island

September 24, 2024

September is College Savings Month! With the cost of higher education rising at an unprecedented rate, it’s never too early to start saving for your child’s future.

As someone who grew up in a working-class family, I understand the challenges that many people can face. My parents did not have the opportunity to attend college. They immigrated to Rhode Island, motivated by a dream of a better life for their family, worked endless hours in low-paying jobs, and instilled the value of education in me. However, they couldn’t put money aside for my higher education. I was on my own and had to rely on loans to pursue my college education. 

After graduating from Central Falls High School, I attended the Community College of Rhode Island before transferring to Becker College. There, I was able to become the first in my family to receive a college diploma. While this was a very special milestone, with that diploma came with tens of thousands of dollars in debt that I continue to pay to this day. 

This is why, as the General Treasurer of the State of Rhode Island, I want to ensure that a student’s dream of pursuing a higher education is not deferred by financial challenges. 

Thankfully, with 529 plans across the country, families can save for their children’s future educational goals. These plans allow for families to save for education in an easy, flexible, and tax advantaged way. The money you invest into a 529 plan can be used for the cost of colleges, universities, trade and vocational schools, and even apprenticeship programs. These savings can be used for more than just tuition, room, and board. You can use your savings for other expenses like books, computers, and other related expenses. You don’t need a lot of money to get started. In fact, even setting aside a few dollars a month can make a big difference over the course of several years.

By using a 529 plan to invest in your child’s education today, you will be building a pathway to opportunity for them tomorrow. I urge you to visit https://www.collegesavings.org/529-search-and-comparison for more information.

About the author:

James Diossa is the General Treasurer of the State of Rhode Island. As General Treasurer and Chair of the State Investment Commission, he serves as the administrator of Rhode Island’s two 529 plans, CollegeBound 529 and CollegeBound Saver. Visit collegeboundsaver.com for more information on ways to save through a 529 plan.

By Jessica Wetzel, Wisconsin 529 College Savings Program, Department of Financial Institutions

September 10, 2024

Being a grandparent is an exciting and fulfilling role. From babysitting and going on family vacations to being a pillar of comfort and support, you play a pivotal role in your grandchildren’s lives. You also have the unique opportunity to significantly impact your grandchildren’s future by contributing to their education savings. This gesture not only eases the potential financial burden of college but also inspires confidence and motivation for students, knowing that their family is behind them every step of the way.

One of the most common ways to save for higher education is with a 529 college savings plan. These tax-advantaged accounts offer tax-deferred growth, tax-free distributions when paying for qualified higher education expenses, and many states offer their taxpayers an income tax deduction or credit on contributions.

Even better is that grandparents can experience additional benefits when saving with a 529 plan, all while giving their grandchildren a gift that truly lasts a lifetime. As a grandparent, you can choose to open your own account for a grandchild or contribute to an existing account, likely owned by their parents. Each option is impactful and offers its own unique set of benefits. 

Open Your Own 529 Account

When you open a 529 account and name your grandchild as the beneficiary, you can select your own investment options, receive quarterly statements, access the account online anytime, and eventually take distributions to pay for your grandchild’s tuition or other higher education costs. You can also feel confident that your grandchildren know that the funds saved are from you. And it’s okay if your grandchild already has a 529 plan; they can have multiple accounts opened for them.

The most significant benefit of choosing this route relates to your grandchild’s financial aid eligibility. In the past, money withdrawn from a grandparent-owned 529 plan was considered untaxed income for the student, which could have potentially reduced their financial aid package. Under the new Free Application for Federal Student Aid (FAFSA), distributions from a 529 account owned by grandparents are no longer counted as untaxed income for the student, meaning you can help pay for your grandchild’s education without harming their ability to receive financial aid!

Don’t live in the same state as your grandchild? No problem. Funds saved in a 529 plan can be used at any accredited school, not just those in your state or in the state where the beneficiary lives.

Contribute to an Existing 529 Account
Perhaps you’re just concerned with helping your grandchild pursue the college and career of their dreams, and less interested in managing a new account. If your grandchild already has a 529 plan set up by their parents or anyone else, you can easily contribute to that account for birthdays, holidays, and other special occasions or milestones. Some families even establish informal, matching contribution agreements where grandparents match any contribution a parent or student makes to the account. That way, contributions are doubled and can grow over time!

With this option, you don’t need to worry about opening the account, managing your investments, or taking distributions down the road when your grandchild starts their higher education journey. And even though you are not the account owner, you can still experience tax benefits, like a tax deduction or credit if you’re contributing to your home state’s plan, or if your state allows you to claim this benefit on contributions to any state’s plan.

The Gift of a Lifetime
By taking an active role in saving for your grandchildren’s education, you’re not just helping them financially; you’re demonstrating the importance of planning for the future. Setting aside even a modest amount of savings can be one of the most meaningful gifts you give them – one that will truly last a lifetime.

About the Author

Jessica Wetzel leads the Wisconsin 529 College Savings Program at the State of Wisconsin Department of Financial Institutions (DFI). In this role, she develops effective marketing and outreach strategies to increase awareness of the state’s two 529 Plans – Edvest 529 (direct-sold) and Tomorrow’s Scholar (advisor-sold) – by partnering with entities across the state on educating families on the importance of developing a higher education savings strategy. Before joining DFI, Jessica worked for over a decade in Wisconsin’s community and economic development sector. She successfully led and supported programs and organizations dedicated to helping low- to moderate-income individuals and families achieve homeownership, start small businesses, and join the financial mainstream.

By Young Boozer, Alabama State Treasurer

August 27, 2024

Next month is college savings month. When I talk to folks about saving for college, usually the first thing they ask is, “When is the best time to start?” I like to immediately say, “at birth.” It gives you the maximum time to accumulate and grow your savings to the student’s matriculation day.

I advise them to take advantage of time. When your child arrives, put your young one in the budget. Plan to set aside regular contributions into a 529 program. Be diligent and consistent throughout the years to come. Fit it into your household budget. Look to increase the deposits over time as your financial situation improves. A monthly amount of $20, $50, or $100 can build dramatically over 18 years. Get started at birth. 

The old adage is, “Time is money.” To afford college, let’s start a new saying. Money saved over time is more money over time. The college savings goal is to build our savings to avoid having to take out student loans. It is far better to save today than borrow tomorrow.  Make today the day you start saving.  

One is never too young to be the beneficiary of the magic of compound interest and the dollar cost averaging technique. Real early in life is the best time to persuade family and friends to make a gift of cash to a 529 account rather than a breakable toy for ALL the gift giving days.

The 529 plan has a glorious feature that allowed me to ensure I was saving for my grandson on the day of his birth. In expectation of imminent arrival, I opened and invested in a CollegeCounts529 in the great state of Alabama several months before his birth in his mother’s name. After his arrival and receipt of a Social Security Number, I changed the beneficiary designation to that lucky young man. He was earning from day one.

He’s off to a great start!  You and your young one can be, too.

About the author:

Young Boozer is the 41st State Treasurer of Alabama, Chairman of Alabama’s Prepaid College Tuition Program (PACT); Alabama’s 529 college savings program, CollegeCounts; and the Alabama ABLE Savings Plan. He also serves on the CSPN Governance Committee. Visit treasury.alabama.gov for more information on ways to save through a 529 plan.

Where does a penguin keep his money? In a snow bank.

What did the hamburger name it’s baby? Patty.

What’s brown and sticky? A stick.

When I earned the title “Dad” after our first child was born, the realization that I am entitled to these corny puns was not lost on me. After our fourth child was born, I thought, “This means I am allowed four times the dad jokes, right?” According to my wife… wrong.

But one thing we could agree on? Our commitment to saving for our children’s education.

All jokes aside, being raised by teachers, I understood the importance of education for personal and professional growth. But I also know it’s expensive, which is probably why the start of a Google search for “Is college…” usually ends with “…worth it?” It’s also why my wife and I knew the answer to getting ahead of the cost was opening a 529 account for each of our children.

And you can, too. These investment accounts are an easy way to help the children in your life reach their education goals and help you reach your financial goal to get them there. Here’s how:

529 plans…

  1. Help families save for the costs of education, including K-12, college, graduate, and vocational tuition and fees; books and supplies; student loan payments; room and board; computers; and more
  2. Provide federal (and state, depending on the plan) tax-advantages, including tax-deferred earnings and tax-free qualified withdrawals
  3. Can be opened by anyone, including parents, grandparents, other relatives, and friends
  4. Give control to the account owner since they decide where, when, and how the funds are used, no matter the student’s age
  5. Offer flexibility if the student decides to forgo or postpone their higher education, including the ability to transfer funds to an eligible family member with no penalty

Intrigued? Start researching the right plan for you with CSPN’s 529 Search and Comparison Tool. From there on out, it’s all about rolling with the punchlines until it’s time to use your hard-earned savings. Easy as pie!

About the Author

Iowa State Treasurer Roby Smith is the administrator of Iowa’s 529 Education Savings Programs, College Savings Iowa and the IAdvisor 529 Plan, with over $6 billion invested and more than $5.1 billion in qualified withdrawals.

By Paula Smith, Senior Vice President, Product Strategy and Development – Retirement and College Savings, Voya Investment Management

Having access to higher education has been a transformative experience that has profoundly shaped my life. The opportunity to obtain a college degree opened an endless world of possibilities for me. Although my school was only four hours from my urban neighborhood, it felt worlds away.  

Fundamentally, as parents plan and save for their child’s education, they hope that he or she will not only build a fulfilling career but gain valuable knowledge and skills and a deeper understanding of the world around them. Parents also hope their child will acquire lifelong friends along the way. As I reflect on my own life lessons from my higher education experience, these really stand out:  

Independence: While initially being responsible for running most aspects of your life on your own may seem daunting, ultimately, it is empowering and builds confidence. Simple things like getting to class, learning to navigate other people and situations, and managing my time independently were invaluable lessons.   

Budgeting and Saving: Most college students are pressed to stretch the dollar. Through many part-time and summer jobs and careful planning, I was able to manage day-to-day expenses and plan for a significant trip after graduation. I have carried this lesson throughout my life.

Love of Learning: The journey of intellectual growth is never-ending, and there will always be new horizons to explore, new mysteries to unravel, and new ways of understanding the world around us. That lifetime love of learning has been the personal and professional fuel that will continue to propel me. 

Perseverance: The most important life lesson from higher education is maintaining a long-term outlook in the face of challenges. Grit is about doing what it takes to achieve personal goals.  

Gratitude: While this lesson arrived a bit later than the others, I am profoundly grateful for those who helped along the way: those who awarded scholarships and provided aid, my school and professors, and my parents, grandparents, friends, and other relatives. We simply can’t do it alone.

As I started my career after graduating, I began working with retirement plans and their participants, which was a perfect fit for my skill set and what inspired me. Helping people set goals, work to achieve financial independence, and get on a path to retirement was incredibly rewarding for me.    

Shortly after, I learned about 529 plans and was immediately fascinated by the elegance of these programs—how contributions are made and invested and, ultimately, how they are used to help parents pay for their child’s education.   

The primary objective of a 529 plan is to help beneficiaries access higher education. These programs provide many benefits. They are easy to open and fund, offer strong tax benefits and incentives to help people meet their savings goals faster, and offer flexibility if educational plans should change. As college costs have continued to increase, leveraging a 529 plan early and with purpose makes college more attainable.  

These plans have come full circle with the new Roth IRA rollover provision within 529. They now offer both the ability to help fund a college education and (if money is left over) give the beneficiary a head start on retirement savings.  

Today, I find it particularly rewarding to engage with advisors and participants about saving for college. Higher education has many positive ripple effects, opening doors to fulfilling careers and transforming lives. I am honored to play a role in changing the lives of young people—just as my own life was transformed—and helping to ensure the dream of a college degree is within their reach.  

About the author:

Paula Smith is Senior Vice President, Product Strategy and Development – Retirement and College Savings for Voya Investment Management, a wholly owned subsidiary of Voya Financial.  Voya Investment Management serves as 529 Program Manager for the Wisconsin Tomorrow’s Scholar® 529 program and the Iowa IAdvisor program. She has over 20 years’ experience working with retirement plans and 529 programs. 

By Trisha Good, Executive Director, Ohio Tuition Trust Authority

May 29, 2024

I am a firm believer in the power of saving in a 529 plan as my family has personally experienced its benefits. My husband and I saved in 529 plans for our two children’s education and career training after high school. With the help of our extended family, they both graduated from their respective colleges DEBT FREE! And now, I am saving for my two wonderful grandchildren for their future education.

As we celebrate May 29 as 529 Day, I want to share the many reasons why my husband and I chose to save in a 529 account.

529 tax benefits

All earnings in a 529 plan are tax-free, so all investment growth is yours to use for higher education expenses. Compound interest—the interest earned on contributions, earnings, and interest already accumulated in the 529 account—is included in your 529’s tax-free earnings.

529 plan withdrawals for qualified higher education expenses are also tax-free at schools that accept federal financial aid. These costs include tuition; room and board when the beneficiary is enrolled at least half-time; mandatory fees; computer equipment and related technology as well as internet services; books, supplies and equipment related to enrollment and classes; and certain expenses for a special-needs student. Room and board costs can also include rent for off-campus residencies—apartments, rental homes, and Greek fraternities and sororities’ houses—and groceries (non-taxable items only), provided these costs are equal or less than the school’s room and board allowances. 529 plans can also pay for fees, textbooks, supplies, and equipment, including required trade tools for registered apprenticeships.

Many states also offer tax deductions or tax contributions for contributions made to the state’s 529 programs. If you want to see your home state’s benefits and tax information, CSPN has a great tool to review your state’s program and compare it to others.

Use at many kinds of schools!

529 plans can be used for your child’s education and career training after high school – whether for a two-year, four-year, graduate degree, certificate programs, registered apprenticeships programs, or any other post-secondary credential. This list includes community colleges and technical schools, vocational or trade schools, graduate schools, and even some study-abroad programs. If the school has a Federal School Code with the Federal Student Aid, an office of the U.S. Department of Education, then you can pay for qualified costs there with a tax-free 529 withdrawal.

Others can help save

As the adage says, “It takes a village to raise a child.” When loved ones asked us for gift ideas for our children, we asked for contributions to their 529 accounts for their future. Most contributions to a 529 plan can start as low as $10-$25. Also, many 529 programs offer gifting platforms that allow trusted

family members and friends to make online gift contributions directly to your children’s 529 accounts without needing the actual account number.

529 flexibility

Not only can you use your 529 account for post-secondary education expenses, but you can also use it for K-12 tuition at a public, private, or parochial elementary or secondary school. This means your education saving account can cover many costs for elementary, secondary, and post-secondary education. The 529 withdrawal limit is $10,000 per year to pay for K-12 tuition. Consult your qualified tax advisor for specific information.

Families can also pay for a student loan that qualifies for the federal student loan income tax deduction with a 529 distribution. There is a $10,000 lifetime limit for the beneficiary of a 529 account. Another $10,000 can repay the qualified student loans of the beneficiary’s siblings.

At the start of 2024, a new tax-free qualified distribution was added to 529 accounts. Now, any remaining funds in a 529 account can be rolled over into a Roth IRA for the same beneficiary as the 529. There are prerequisites that must be met to use this new qualified distribution. Consult your qualified tax advisor for specific information.

There’s a lot to celebrate about 529 plans on 529 Day. After all, any investment in a 529 plan is an investment in your child’s future. To learn more about 529 higher education saving plans, please visit CSPN.

About the author:

Trisha Good is the executive director of Ohio Tuition Trust Authority. Since 1989, Ohio Tuition Trust Authority has sponsored and administered Ohio’s 529 College Savings Program, CollegeAdvantage. Ohio’s 529 Plan oversees nearly 675,000 accounts and over $17.22 billion in assets as of March 31, 2024. Visit CollegeAdvantage.com or call 1-800-AFFORD-IT (233-6734) for more information.

Marilyn Whitney, Executive Director, IDeal – Idaho College Savings Program

May 1, 2024

During the week of May 6, the National PTA celebrates Teacher Appreciation Week. This year, the theme is “Teachers are Shining Stars!” This is an opportunity to show your appreciation for the vital role teachers play in the lives of our students. Whether it is at the pre-school, K through 12, or post-secondary level, teachers deserve our recognition and thanks.

I was fortunate to have many amazing teachers all through my educational experience. From my first-grade teacher, Mrs. Herzinger, to my high school mentor, Mrs. Franden, and my college advisor, Dr. Clark, I was encouraged, supported, and motived, especially when I faced challenges and setbacks.

These teachers were also instrumental in helping me on the pathway to college and through both my undergraduate and graduate programs. Many people credit a special teacher with influencing their decision to continue education after high school and pursue a given career. I had two high school teachers who not only took the time to talk to me about what I would study in college, they also helped me secure scholarships and student loans. I only wish my parents could have taken advantage of the tax benefits of saving for my college education a 529 account, which would have also minimized my student loan debt.

My high school teachers also influenced my decision to study education. While I taught for only a few years, I remember how demanding the job can be – from preparing lessons, to parent-teacher conferences, and the never-ending task of grading papers. But I also remember the sense of satisfaction I felt when my students succeeded.

While I did not stay in the classroom, my career has always included a link to the education world, and I have continued to encourage parents and students to plan for their education goals, especially how to save to make sure they have the financial resources to achieve those goals. In my current role, I have the opportunity to educate families about saving with IDeal by sharing my experience of saving for my daughter’s college education through the program. And I am now saving with IDeal for my grandchildren’s education.

I absolutely believe that teaching is a noble career. In fact, my daughter has been a kindergarten teacher for the past five years. Her first year was interrupted by the COVID pandemic, and I will never forget how heartbroken she was not to be able to finish the year with her kids. Thankfully, we all got through that difficult period, and I have a new appreciation of how important teachers are in our lives.

The National PTA has a “Thank a Teacher Toolkit” with some great ideas for showing appreciation to a special teacher:

This year as we celebrate Teacher Appreciation Week, take an opportunity to do something special for a teacher! I know from experience how meaningful it is to get a thank you note or to see or hear from a student years after they have left your classroom and learn what they have accomplished. Thank you to all the teachers out there! You truly are “Shining Stars”!

About the author:

Marilyn Whitney is the Executive Director of IDeal – Idaho College Savings Program. As of March 31, 2024, IDeal has 51,307 accounts with total assets of $821,745,426. Our client services number is 1-866-433-2533 and our local Idaho number is 1-208-332-2935.

John Hupalo, Founder and CEO, Invite Education

Starting March 17, college basketball’s March Madness will happily divert our attention from the current FAFSA Fiasco, student loans and other education issues.

Teams will be selected, brackets formed, games played and at least one Cinderella will likely emerge as a bracket buster. In that spirit, I sat down with my friend Patricia Robert, Chief Operating Officer of Gift of College, and author of Route 529, to talk about 529 Plans. One topic: busting the three 529 myths that bother us the most:   

The following is an edited excerpt of the full interview which can be found here.

JH:         What is #1 on your list of 529 myths?

PR:        529s are just for a four-year traditional college and if your child doesn’t go that route, it can’t be used at all. There couldn’t be anything further from the truth. There are so many options for which these plans can be used. The misunderstanding about the very broad use is something that I find really frustrating and I’m out to bust that myth.

JH:         How about another myth?

PR:         You have to be the parent of the account beneficiary to open the account. Not true. Grandparents, aunts, uncles, godparents, even friends and neighbors want to get started saving for a child they love. You do not have to be the parent to open the account.

JH:         For me, the myth that I hear that I most want to bust: “Someone told me that if I save for college, my child is going to get less financial aid”. Wrong!  Please talk to us about that.

PR:        It is a big misunderstanding that 529 accounts will have a significant adverse impact on federal financial aid eligibility. Not true. Only 5.64% of the account value will be considered in the current federal financial aid formula.

So, with $10,000 saved, aid eligibility will be reduced by $564. It is wrong to assume that saving is somehow not a good strategy. It is much better than holding out hope for financial aid, which largely often is student loans that need to be repaid. For federal financial aid purposes, set this worry aside.

___

In addition to myth busting, we also discussed recent FAFSA® changes that are very beneficial to 529 savers:

Although we touched on the expanded uses of 529 beyond college when we discussed myth 1, we later dove a little deeper into the many of the expanded uses in more detail including:

And, of course, 529 proceeds can now be used for certain expenses related to approved apprenticeships.

In closing, I’ll leave you with Invite Education’s two favorite phrases:

About the author:

John Hupalo is the founder and CEO of Invite Education.

By Roby Smith, Iowa State Treasurer

February 13, 2024

Ahhhh, love! Nat King Cole had it right: “‘L’ is for the way you look at me …” And looking at the benefits of 529 plans, there’s a lot to love!  

L: With LIMITLESS possibilities of what path your child may choose for their future, a 529 account can help turn their dreams into reality. Today’s children are preparing for careers that are the backbone of society, and jobs we haven’t even imagined yet! To help prepare them for wherever their journey may lead, your 529 funds can be used at any eligible educational institution in the United States, both in-state and out-of-state, and abroad.

O: Investment OPTIONS allow each Participant to investaccording to their own risk tolerance and investment strategy. With a diverse selection of investment options, 529s can help keep your family’s education savings goals on track.

V: It takes a VILLAGE! With the rising cost of education, parents don’t have to save alone. Invite friends and relatives to contribute to your child’s account. Holidays, birthdays, and other special occasions are the perfect opportunities to let others know just how easy it is to contribute. Every dollar saved matters by reducing the burden of borrowing and the amount of debt your scholar may have.

E: EXPENSES beyond just tuition at two- and four-year education institutions are qualified withdrawals; use account funds for room & board, books, supplies, fees and equipment, including a computer. While apprenticeships don’t typically involve a tuition bill, there can be fees, books, supplies, and other required equipment. 

Love’s transformative power shows the children in our lives how important they are to us and enables them to know we believe in their potential. Investing in their future with dedicated education savings is an easy choice with the L-O-V-E benefits of 529 plans.  

About the Author

Iowa State Treasurer Roby Smith is the administrator of Iowa’s 529 Education Savings Programs, College Savings Iowa and the IAdvisor 529 Plan, with over $6.4 billion invested and more than $5.2 billion in qualified withdrawals.