Now that you’ve saved money in your my529 account, how can you spend it?

Qualified education expenses. This phrase is casually thrown around when talking about 529 plans, but it can leave some people wondering.

Tuition, books and fees at a college or university are all considered qualified education expenses. This means withdrawals won’t be taxed because you used the funds for approved educational expenses. In addition to the more commonly recognized ways of using my529 funds, you can put that money to good use in lesser-known ways.

Technical colleges and apprenticeships are an increasingly popular option for students. Any technical institution that meets certain federal requirements is considered eligible, and the tuition, books and fees needed for the programs they offer are considered qualified education expenses. This is also true for apprenticeship programs. Search here for eligible schools.

Computers, software, internet access, supplies, and even room and board are considered qualified education expenses. my529 can be a great asset when it comes to paying for necessary materials, whether your student is attending a traditional college or university, enrolled at a technical college or in an apprenticeship program.

As you begin to use your my529 investment, make sure to read about how to withdraw your money correctly using the helpful information found at my529.org and in our Program Description.