NEXT
Grandparents
How to pick 529 plan if future college is unknown
In the vast majority of 529 "savings" programs, that won't matter. Withdrawals from the account can be used at any educational institution where federal student aid is available, whether or not the school is located in the state sponsoring the 529 plan. Eligible institutions include private colleges, public universities, community colleges, graduate schools, and trade schools around the country. Foreign schools may also be eligible. To check the eligibility of any particular institution, use our school code search tool.
The situation is different with many of the 529 "prepaid" programs. These 529 plans often reserve their best benefits for students attending particular institutions. For example, the College Illinois! prepaid tuition program is targeted to Illinois families who plan on sending their children to Illinois public institutions. Another example is Independent 529 Plan, a program that permits you to lock in tuition at participating private colleges around the country. In any 529 prepaid program, the benefits can be converted for use at non-targeted institutions, but you'll want to understand the conversion formula before making the decision to join the plan.
Grandparent FAQs
- How to pick 529 plan if future college is unknown
- What happens to 529 plan money if child does not go to college?
- Can I withdraw money from a 529 plan for unplanned emergencies?
- Which 529 plan investment options should I choose?
- Should I set up a separate 529 plan for each child?
- Can a grandparent contribute to a parent-owned 529 plan?
- How do Coverdell education savings accounts compare to 529 plans?
- Do 529 plans count against Medicaid benefits?
- What happens to my 529 plan if I die or become incapacitated?
- Does a 529 plan count against eligibility for financial aid?
- What are the estate-planning benefits of 529 plans?
- Is giving money to a custodial (UTMA) account a good idea?
- Paying tuition directly avoids gift tax, so why use a 529 plan?
Learn about 529 plans
World's Simplest College Calculator
The simplest way to estimate college costs.