529 Plan and College Savings

Archive for the ‘529 Compared’ Category

Question: Does Cal Poly Pomona in California honor the 529 Plan?

I live in Nevada but my parents own a house in California, my grandparents and currently living there and paying rent. I wanted to move in with my grandparents for while i’m going to college. How would this work? What are some options that would be good for me?

Answer: If your are already old enough to go to college it’s too late to start a 529;
If you have an existing 529 plans, you need to refer to the terms of that plan.
A university does not “honor” a 529 – your family sets the money aside and pulls it out as needed for educational expenses. For most plans, the school has no idea how you are paying the bill.

You can move in with your grandparents. Since you don’t have a California high school diploma and neither of your parents are a resident of Calif, you would be paying out of state tuition.

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