New law expands use of 529 college savings accounts

Source: Ann Carrns, N.Y.Times (Paid Registration)

Tax-favored savings accounts known as 529 plans can help families save and invest to pay for college. But until now, the funds could not be used to repay student debt.

That changed as part of the Secure Act. Under the new rules, up to $10,000 from a 529 account can be used to repay the beneficiary’s student loans. Plus, up to another $10,000 each can be used to repay student loans held by the beneficiary’s siblings. The new law also allows 529 funds to be used to pay for apprenticeships.

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