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College-Savings Plan

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college-savings plan
A plan that allows individuals to set aside money in a special account designed to pay for future college expenses. Funds in the account grow tax-deferred, and withdrawals used for college expenses are exempt from federal income taxes. Parents are permitted to change from one state plan to another once a year with no penalty. Many states also offer tax incentives for these plans. Also called 529 plan.
College-Savings Plan
An account into which persons deposit funds to save for university-related expenses. The funds in a college-savings account are tax-deferred and, if used directly to pay for college, tax exempt at the federal level. They are sometimes exempt at the state level as well. A college-savings plan is also called a 529 plan.


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Strong, based in Wisconsin, and another money manager, MFS Investment Management, oversee most of the $180 million in funds in the state's four college-savings plans, which offer tax advantages that encourage parents to save for their children's education.
Briefly by The Register-Guard (Eugene, OR)
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