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Saving for College? Learn More About the 529 Qualified Tuition Program

Paying for a college education requires forethought, research and planning. While there are numerous investment options to choose from, a clear favorite for many seems to be the 529 plan.1 Named for section 529 of the Internal Revenue code, a 529 is a state-sponsored savings plan designed to encourage saving for future college costs.

When you open a 529 plan, you’ll designate a beneficiary — your child, grandchild or any other person, including yourself. You’ll make contributions into the plan until the beneficiary is ready to use the money. Funds can be withdrawn as needed to pay for tuition, room and board, fees, books and certain supplies at virtually any accredited college or university in the United States and even at some foreign schools.

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