All You Need to Know About Prepaid College Plans

List: Posted: 08/02/11

These days, you need an education to do just about anything. If you’re an adult looking to go back to school in a few years, you may be wondering if you can use prepaid college plans to fund your education. Are prepaid college plans for everyone?

The short answer is no, there are not prepaid college plans available for every person who wants an education. The main reason for this is that there are age or grade cutoffs for these college plans. In order to use them, you normally have to be below a certain age – often below thirty. Prepaid college plans are really designed for parents to save for their young children. Ideally, those children will go to college straight out of high school and will use the prepaid tuition they’ve gained at that point. This doesn’t always work out, but there are still age limits of prepaid tuition plans.

The rules surrounding your particular state’s prepaid college plans might be different, though. Check with your individual college plan provider to see what the rules are for you. Sometimes, adults might be able to prepay tuition for their own educations, which can be very helpful if there will be tuition increases.

Another option for college plans is a 529 account. This college savings plan is the most popular of the college plans that people use. This is because the 529 account can be used for just about anyone to get an education. It can be used your entire life as long as it’s used for educational purposes. Prepaid college plans are great for some people, but they certainly aren’t for everyone. Don’t forget, though, that there are lots of other savings plans for college to choose from.

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