Ask Terry Questions 529 College Savings Plan

529 College Savings Plan

By Terry Savage on November 29, 2023 | College Savings / Student Loans

Thank you for all your knowledge shared on WGN radio!
I am wondering if you know what is a comparable plan for a Grandparent to open a Bright Start College Savings Plan if you live in Wisconsin?
I live in Wisconsin and have two Grandsons.
One lives in Illinois and one lives in Wisconsin?

Thank you for your time

Terry Says

You can use any state’s plan and the money can be used for college in any state. But since you’re not a resident, you just can’t get a state tax deduction for your contribution.

So feel free to use the Illinois Brighstart plan as it is a good one (performance and costs). Or go to Vanguard and open an account in their plan which has low costs.

You can select funds in either plan, or just use their age-based service that invests more aggressively when the child is young andbecomes more conservative as college looms.



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