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Frequently Asked Questions |
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Choosing a Plan
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Is it possible to live in one state, choose a plan sponsored by another state, and my child go to school in a state different from our residence or the headquarters of the 529 Plan?
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All states (except Washington) plus DC now offer a state sponsored 529 Savings Plan (Wyoming participates with Colorado). The plan(s) offered by the state in which you live may or may not meet your needs or preferences. You may select a plan from any state that does not require you or the beneficiary to be a resident to open the account. The residency requirements only apply at the time the account is opened. Once it is established you may continue to invest in the plan regardless of where you live. A tuition savings plan enables the account value to be used to pay qualified expenses at over 4,000 educational institutions across the US. It is safe to say your child may go to school in any state and have expenses paid from a 529 program that is not sponsored by the state where the child is a student and also the plan not be sponsored by the state where you live. In simple terms - it is your money and it can be used at any higher education institution that is approved to participate in Title IV Federal Student Aid Programs - and there aren't many U.S. based colleges that don’t participate.
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What are some points I should consider when comparing plans from different states? |
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Do I need to deal with a state agency when I choose a specific state's plan? |
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Do you want guidance in selecting a 529 plan? Click the Contact Us button below and speak to a live advisor, or drop us an email and we will be pleased to assist you. If you are a do-it-yourself person, click the Professor for his assistance in sorting and ranking plans or click on the National Map to locate a specific state's 529 program.
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