Legally known as qualified tuition plans, 529s are sponsored by states, state agencies or educational institutions and are authorized by Section 529 of the Internal Revenue Code.

More than two million student loan borrowers have student loan debt greater than $100,000, with 415,000 of that total holding student loan debt greater than $200,000, according to a recent article by Forbes.

With such steep costs, it’s no wonder that working parents and students alike are looking for better ways to put aside money to afford higher education.

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