California 529 College Savings Plans

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Consumer plans fall under three categories: direct-sold, unit-type prepaid, and contract-type prepaid.

Direct-sold 529 plans allow investors to purchase directly from the plan manager. You will have to rely on your own research to identify your best options, or you can hire a fee-based financial planner. Direct-sold 529 plans are approved and monitored by each state and are managed by professional investment firms. There are no sales charges with these plans.

Unit-type prepaid plans allow you to buy 'units' of tuition which may equate to credits or hours.

Contract-type prepaid plans can be purchased to cover between 1 to 5 years of future tuition either on a lump sum or installment basis.

529 ABLE accounts allow americans living with disabilities to save money for college and other expenses in a tax-deferred account without affecting their eligibility to receive medicaid, supplemental security income or other public benefits.