Objective of College 529 Plan

College 529 Planis actually a savings plan. It is not a scholarship that can bear all the expenditure of a college student but a way following which any one ambitious to go into college can save money. It is state sponsored plan. Along with the states, various educational institutions and agencies help bringing the plan into practice. The plan is not just some idea or a custom. It is statutory backed plan. Section 529 of the Internal Revenue Code is its legal source. The plan has also been named after the section 529 of the said Code. This is the common name with which it is known. Its official name is ‘Qualified Tuition Plan’. 

The plan is monetary in nature. It aims at enabling the youth to get admission in college and continue education without any financial hurdle during the course of studies. So, plan instigates people to think of future and start maintaining some savings for college studies of their children. This also fulfills the aim of educating the young generation along improving the overall literacy rate.

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