Blog by Brian Biggs, CPA – Storen Financial
With children heading back to school soon, it’s time to get serious about saving money for education after high school (or Indiana K-12 tuition). It’s never too late to start and Indiana offers a great state tax benefit on contributions into an Indiana CollegeChoice plan.
Here are a few common myths about CollegeChoice accounts…
- A 529 plan can only be used in my home state
- If the child doesn’t go to college, I lose money
- I can only choose from aggressive investment options
- I’ll just borrow the money later
- I can only use 529 plans to pay for tuition
- It’s too late to start a 529 plan account
- 529 plan accounts are too small to make a difference
- Grandparents can’t be account owners
- A 529 plan will have a negative impact on financial aid opportunities
If you have any questions, feel free to contact us.