A 529 college savings plan is not a last minute option when a teenager is nearing high school gradation. In fact it is a long term savings vehicle for parents to prepare for their children s future college needs. If parents begin saving early they can take advantage of the long term savings benefits and tax benefits offered by this program. A 529 college savings plan is often operated by state governments and the rules for the plans vary by state. These plans are normally categorized as either prepaid or savings. Educational institutions can also offer a 529 plan, but it must be a prepaid plan not a 529 savings.
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