Description
This session will focus on helping orient families on how to prepare for education and career training expenses, with a particular emphasis on saving with 529 plans. We will start with a brief overview of the 529 basics followed by an in-depth discussion of the latest developments at both the national and state level, as well as options for unused funds, including rollovers to Roth IRA retirement accounts. At the Washington level, we will review new changes to the Washington 529 plans, including a complete revamp of the WA529 Invest plan (formerly known as DreamAhead). Attendees will also learn about the expansion of qualified expenses under Section 529 of the Internal Revenue Code over time, which now include the ability pay for K-12 expenses, apprenticeships, and student loans. The session will also examine the interaction of 529 plans with other college funding resources including federal, state, and institution-specific financial aid programs.
Learning Objectives
1. Review education and career training savings options, with a focus on 529 plans
2. Get up to speed on the changing national and state 529 plan landscape
3. Examine 529 plan interactions with the updated FAFSA
4. Discuss additional college funding and financial assistance resources available through the State of Washington