Ignorance, unscrupulous brokers, and misleading ratings systems could be directing parents into college savings plans that fail to give them the best return for their money.
Also known as 529 college savings plans (named for the tax code section that relates to them) these programs enable families to accumulate savings that enjoy federal tax relief plus other tax benefits at state level, but in some states only.
The result is that there are now an estimated 80-some state-sponsored college savings plans and pretty much every one of them is different from the others.
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