College 529 Savings Plans: What You Need to Know

Do you know how much you’re able to contribute or what the funds could be used to pay for? Check out the nitty-gritty details of this formidable college savings tool.

Some college students walk together on a college campus.
(Image credit: Getty Images)

Editor’s note: This is part two of a three-part series about college 529 savings plans. Part one is When Choosing Funds for Your College 529 Plan, Don’t Make This Mistake, and part three is College 529 Savings Plans: How to Get the Most Out of Them.

When it comes to saving for college, the 529 plan remains extremely popular, with over $480 billion in assets as of 2021, according to Statista. In part one of this series, I reviewed how to maximize the growth in your 529. Many readers agreed with me that the age-based mutual fund options within 529 plans are often too conservative.

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Michael Aloi, CFP®
CFP®, Summit Financial, LLC

Michael Aloi is a CERTIFIED FINANCIAL PLANNER™ Practitioner and Accredited Wealth Management Advisor℠ with Summit Financial, LLC.  With 21 years of experience, Michael specializes in working with executives, professionals and retirees. Since he joined Summit Financial, LLC, Michael has built a process that emphasizes the integration of various facets of financial planning. Supported by a team of in-house estate and income tax specialists, Michael offers his clients coordinated solutions to scattered problems.