What is a College Savings Plan?

A college savings plan is the same as a 529 savings plan, or a savings plan where money can be invested to grow on a tax-deferred basis and withdrawn free from federal and potentially state taxes if used for “qualified” higher education expenses, including tuition, room & board, books, equipment, and other supplies. Contributions are allowed regardless of income and plans can differ by state. 


See Also:

Your DIY Financial Planning Guide

Ask An Advisor: Help! I’m Running Out of Money

Ask An Advisor: Is it Too Late to Start Saving?

What’s the best way to save for college? 

The 529 Plan = Smart College Savings 

Saving for Higher(-cost) Education 

Why Kids Should Chip in for College

Save for Our Future–or the Kids?