Updated: Apr 6
MIDDLE & HIGH SCHOOL FAMILIES
Did you know? 529 SAVINGS PLAN & Hiring a College Prep Consultant Is Smart money. . . Did you know you can use 529 Savings Plan to pay for College Planning, not just for college expenses?
Qualified Expenses For A 529 Plan
1. Hiring a College Prep Consultant
2. Paying off student loans
3. Tuition, Housing for college up to the Cost of Attendance
Learn more, text FREE Consultation to (951) 261-9799.
A 529 plan only covers expenses that are related to post-secondary education. However, there are rules. Most qualified expenses cannot exceed the cost estimates made by the school that the 529 beneficiary will be attending. Typically, the school’s financial aid office will mail this to students or post it on their website. For example, you can find the estimated cost of attendance for UCLA here.
Post-secondary education includes college, university, trade schools, vocational programs, and registered apprenticeship programs.
Learn more, text (951) 261-9799 to receive a FREE Consultation and get started today.
Here’s what’s covered:
Tuition – Tuition is a qualified expense for both full and part-time students at accredited institutions. To be accredited simply means the college or university has passed standards set by a reviewing committee. While the majority of colleges are accredited be sure to ask the financial aid office ahead of time.
Room and Board – If the student is attending college half-time or more and the room and board are paid directly to the college or university this is a qualified expense.
If room and board are to be paid to a landlord and grocery store, the budget is set by the school and is available to students who are attending half-time or greater. If the rent paid to a landlord is higher than the school’s room and board estimate the excess is not considered a qualified expense.
For example, using our UCLA estimated cost above, it’s estimated that it will cost $9,800 for room and board off campus.
Contact EDFIN College Planning Experts today and schedule your Complimentary Individual College Plan Consultation. Call or text to 951-261-9799.
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