529 College Savings Plan
A 529 Plan is a smart way to save—it provides tax advantages when used to pay for eligible1 college expenses.
Best if you
- Want an easy way to save for college
- Can commit to using the funds for college expenses
- Want your earnings to grow tax free
- Earnings grow free of federal tax and often state tax2
- Withdrawals for qualified college expenses are tax free
- Minimal impact on financial aid if the 529 Plan isn't owned by the student
Not convinced yet?
529 Plans come with unique features that you won't find in any other college savings plan.
Enjoy these additional benefits
- Open your 529 account for anyone—including a child, grandchild, family friend or even yourself.
- Beneficiaries are not restricted to the state that sponsors your 529 Plan.
- Choose a plan from any state—however, there may be incentives to open a 529 Plan from your state of residency.
- Change your beneficiary at any time without suffering negative tax consequences.
- Enjoy the tax advantages regardless of your income—anyone is eligible to open a 529 Plan.
Understand the fine print
- A qualified expense includes tuition, fees, books, room and board, computers and equipment.
- An eligible school is generally any post-secondary institution including colleges, universities and vocational schools that are eligible to participate in student aid administered by the US Department of Education.
- Contributions cannot exceed educational expenses and are not tax deductible.
- If you need to access some or all of the money in your account for non-educational expenses, your earnings will be taxed as ordinary income plus a 10% penalty.
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Send certificates and correspondence to:
200 S. College St., 11th Floor
Charlotte, NC 28202