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Is there a prepaid 529 plan in your future?
Should you use a prepaid plan?
First, look to see if your state even offers a prepaid plan. (If your beneficiary lives in a different state, look there also.) The Independent 529 Plan (274 private colleges), the U.Plan (80 public and private Massachusetts colleges), or the University of Alaska College Savings Plan may be of interest if you have a good idea where your beneficiary will be attending college.
Then, learn the particulars of the prepaid plan by carefully reading its official enrollment materials. Much like a health insurance plan, it's important to understand the benefits of going to an "in-network" college (one that is specifically covered by a plan) and the conversion formula used for attendance at an "out-of-network" college (a college not specifically covered by that plan.).
You can also evaluate the 21 prepaid plans in five different categories by using the comparison chart below.
Naturally, you'll make out better in a financial sense if tuition rises dramatically after you pay in to the plan. But be sure to compare the price you pay to current tuition levels — many prepaid plans charge a substantial premium over current tuition in an attempt to stay fiscally sound. The premium is an extra cost that may take years of tuition hikes to overcome.
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