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529 Plan

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A 529 plan is an education savings plan overseen by a state or educational institution. It is designed to help people save money for college expenses. Named for section 529 of the Internal Revenue Code, the 529 plan offers income tax breaks--the money in the 529 plan grows tax free, and withdrawals used for college expenses are free of federal taxes. The funds in a 529 plan are managed either by the state treasurer's office or an investment company. There are two types of 529 plan--prepaid and savings. A prepaid 529 plan allows a person to lock in present tuition prices for future use. A savings 529 plan allows one to invest over several years and have more investment flexibility.

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