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As 529 College Savings Plans Grow, So Do Worries about Brokers' Fees.
Knight Ridder/Tribune Business News, April, 2004
By Susan Harrigan, Newsday, Melville, N.Y. Knight Ridder/Tribune Business News
Apr. 25--They sounded like a great idea. Faced with soaring costs for higher education, families worried about coping with Junior's future college bills have poured billions of dollars into state-sponsored college-savings programs known as 529 plans since the plans were authorized by Congress in 1996.
Named after the section of the tax code that created them, 529 plans were supposed to be simple, inexpensive accounts that operated like tax-free mutual funds. Money invested in the plans grows free of federal and, in most cases, state taxes, and withdrawals also are tax-free if used for higher education. Moreover, about 20 states, including New York, allow residents a...
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