I have two 529’s, one for each child. We saved enough to pay most all costs of both kid’s college. Here’s the catch…
Each child was able to choose their school of choice. As it turns out, one school is more expensive than the other. At the end of the four years (they are two years apart) one 529 will be short about $20,000 and one will have an extra $20,000.
Can the excess of one 529 pay for the other’s college costs?
Terry Says: The short answer is YES. Money in a 529 account can be used to pay for any child in the same family. (You might not want to make a point of this discrepancy to them, however!) And huge kudos for saving enough so that neither will have student loans. You’re an inspiration to others!