If you set up a plan for your child and your child is a dependent, the savings in a plan will have a lower impact on financial aid than if your savings were held in another type of investment account in your child's name.
You also won’t be taxed when withdrawing the funds to pay for Qualified Higher Education Expenses at an eligible institution. Many states even offer state income tax deductions and credits for contributions made to their state plan.
As the account owner you have complete control over how and when you use the funds in your account. You can have multiple accounts for multiple children, and you can transfer the account to a different beneficiary, if needed, to give you complete flexibility when it comes to paying for college costs.
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