Word: 529s
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...intent of the 529s and Coverdells was to broaden access to college, they are almost certain to fail. If their intent was to provide a tax break to well-off families, they are a roaring success,” Dynarski wrote in an e-mail...
Savings plans which hold money under the student’s name can actually reduce the amount of aid by up to $1.24 for every dollar the family saves, she said. Coverdells and 529s, which hold money in the parents’ names, are better, but a family will still see a reduction in aid of between 26 and 39 cents for every dollar...
...529s are generally a good deal, letting investment earnings grow and be spent, free of federal tax, for undergraduate or graduate tuition, room and board or books and supplies. But with so much money flowing into 529s, the market has been flooded with more than 80 programs. How to select the right one for your needs? Some guidelines...
...LOOK AT YOUR STATE'S PLANS FIRST 529s often give state-tax breaks to residents. A handful of states--Illinois, Pennsylvania, Tennessee--exempt only their own plans from state...
...FIND INVESTMENT OPTIONS YOU LIKE 529s typically invest your money in mutual funds that you pick, either directly or through pregrouped portfolios. Look for a plan with a broad range of funds that have performed well against similar types of funds. SavingForCollege.com contains a database of 529 plans, as does the college-savings link at Morningstar.com...