Ask Terry Questions 529 plans — Bright Start or Not?

529 plans — Bright Start or Not?

By Terry Savage on January 11, 2019 | College Savings / Student Loans

I’m looking for 529 plan for my twin 5-year old granddaughters. We live in Illinois. Morningstar gives Illinois’ BrightStart a gold, along with Vanguard’s Nevada plan. Those are the two I am considering. But, I saw your 12/8/2013 article about how BrightStart management really messed up, and your recommendation to stay away. 5 years later, is that still your recommendation? Thanks.

Terry Says

If you’ll check my recent columns, you’ll see that I recently applauded the Illinois BrightStart gold stars! They’ve changed managers and have lowered fees — and you get a deduction for up to $10,000 of contributions from your Illinois income tax. So that’s probably the way to go. When I opened plans for my own twin granddaughters 7 years ago, I used the Nevada plan.

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