529 Plans

By Terry Savage on July 30, 2015 | College Savings / Student Loans

If the child decides down the road not to attend college but pursue another avenue, what happens to the funds in the 519 Plan?

Terry Says:  The money can be used for any other child in the family, for any school in any state.  If there is no other child, you can even let it keep growing for potential grandchildren!  Or you can withdraw it, paying ordinary income taxes on the gains, plus a 10% penalty.

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