529 Plan Pay Student Loans
March 22nd, 2007
Question: Can a student who has graduated start a 529 Plan (e.g., go through UPromise) to help pay off student loans?
Answer: No the money is suppose to be used to pay for higher education and other programs you attend to better yourself both professional and socially. But you can’t use it to start paying off loans. Besides by the time it gre into anything the loan will be way to out of control. School loan interest is tax dedcutable so you are getting some of the benefits of the 529 anyway.
College Savings Plans of Maryland 4 of 5
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