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| *Ostroff, Fair and Company>>>Personal Finance |
HOw do college savings plans work? |
If I start a state 529 savings plan, what happens if my son doesn't go to college or gets a full ride? How can the money be used? If your son does not choose to go to college, you can name another beneficiary, or you can sometimes pay for vocational or other post-secondary schools depending on the state and the program. If your son goes to college and gets a scholarship, you can use the 529 for books, supplies, and equipment required for college, or room and board. Room and board expenses qualify only if the beneficiary is enrolled in college at least half-time. I have set up a 529 in my own name and using my social security # in the event I have kids in the future, so naming a new beneficiary should not be difficult. You can change the beneficiary to another family member, or you can withdraw it and pay taxes and a 10% penalty. www.collegechoiceplan.com |
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