While students may be in summer mode, many parents are already thinking ahead to fall education costs. One smart, tax-advantaged tool to consider is a Section 529 savings plan. 529 plans aren’t new, but they’ve grown more versatile over the years. Originally limited to college expenses, they now also cover up to $10,000 per year in K-12 tuition for most schools and can be used to help repay student loans. And more changes may be on the way: If The One, Big, Beautiful Bill becomes law, 529 plans could expand further to include costs tied to credentialing programs and other higher education needs. If you pay education costs, keep your eyes open for possible upgrades to these tax-favored plans.
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