To make the most of your savings, revisit the 529 plan. These tax-advantaged plans are getting more popular, but they’re still misunderstood. There are lots of 529 misconceptions, such as thinking you have to use the plan in your home state (false), and that you lose the money if your kid doesn’t go to college or gets a scholarship (not true).
“This is the best way to save for a child or grandchild’s education, period, end of sentence,” Young Boozer, chair of the College Savings Plans Network and state treasurer of Alabama, explains to CNBC.
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