Question: Can your child access their 529 for college…?
Even if you move out of country? I have a two year old boy, and I want to open a savings account for his college savings, and I have seen some good things about these 529 plans. I know each different state has a different kind of plan too, but the money can still be used in other states according to what I’ve read.
My question is can my son still use these savings, even if we moved out of the United States? My husband is from Canada, and my family lives much closer to him there in Michigan (currently we live in California) — we would like to move to Canada (near Ottawa) and be close to our family, but I don’t know if it will mess up my son’s chances of using that money for college? Thanks!
Answer: Most 529 plans allow funds to be used to pay qualified education expences for an acredited college or university. Check the specific 529 Plan prospectus for specific wording. I believe it says that if the institution would qualify as an acredited institution for FAFSA, that the 529 Plan funds can be used for that university. I have checked the FAFSA website, and there are numerous universities all over Europe that qualify. I’m sure there would be in Canada as well.
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