College Savings Plans Vs Prepaid Tuition Plans


We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

The best choices for each family will depend on a number of factors, one of the most significant of which is family income, as some of the tax-advantaged programs discussed here have income restrictions that don’t allow higher income families to participate. 529 prepaid tuition plans are treated as an asset of the account owner and reported on the federal financial aid application, just as 529 savings plans are. Parent-owned plans have minimal effect on financial aid because they are assessed at a maximum rate of 5.64 percent. Plans owned by grandparents are not required to be disclosed on the financial aid application. It is important to note, however, that 50 percent of the distributions from these plans are reported as untaxed income to the student beneficiary on the following year’s Free Application for Federal Student Aid form, causing a significant impact on financial aid. This calculator is designed to help families create an effective funding strategy to cover their expected college tuition costs using a 529 college savings plan.

The Texas Higher Education Coordinating Board, for instance, publishes a list of “Institutions Whose Degrees are Illegal to Use in Texas.” In Kentucky, knowingly using a fraudulent credential to obtain employment is a Class A misdemeanor. It’s important to recognize the jurisdictional limits of such cases, though. Based in Pakistan, Axact was responsible for what was called the “biggest degree scam in history.” The scam allegedly generated revenues of up to US$ 150 million by selling bogus degrees to customers around the world.

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  1. Alex Stuarts27 January 2022 at 01:02

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