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July 31, 2007


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So do you have to have offspring to start a 529 plan or could one start a plan with yourself as the beneficiary and then change it to the child once one is hatched? If so, that could buy a couple extra years of saving for college for those of us without kids and possibly earn some of those state tax deductions bring a bit of tax relief. Any clue?

I really think these plans are a good idea. I wish my parents would have thought of that... id be debt free (no student loans!).

Unfortunately their information is not updated for the new Illinois 529 plan. Our new state Treasurer has replaced Legg Mason with Oppenheimer/Vanguard. The expenses have been lowered significantly and they are now offering index funds for ultra low expenses.

What happens to the 529 money if your child chooses not to go to college?

Phil --

See this post:

Ben Bernanke, Fed Reserve Chairman, disclosed his personal financial information, and I found it so curious that his only listed one liability:

"The only liability listed on the form was a 10-year student loan, taken out last year at an interest rate of 7.9 percent. Bernanke has two children - one son and one daughter."

I wonder if he had a 529 plan?

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