I’m feeling the 529 is the way to go, but I don’t want to use our state program in the event they don’t go to school in the US (am I correct in the understanding the 529 money can be used for out of the country schooling, but not if you do it through your state)? Wanting to avoid big fees and to be able to do it through Ameritrade or a similar outfit. Advice?
Related posts:
- Can I Contribute To A College Savings Plan 529 Now?
- What Are The Drawbacks To A 529 College Savings Plan?
- I Am A College Student. Can I Open A 529 Savings Plan For Myself?
- How Can I Take Advantage Of My State’s 529 Savings Plan And Avoid Additional Federal Taxes?
- Can I Use A 529 College Savings Plan To Pay Off My Student Loans?
No…I think you a missing some important facts.
You can use any 529 savings program (not a prepaid program) to pay for any “eligible” institution (see second link below). The list of eligible institutions includes some international institutions but it is by no means an exhaustive list of international institutions. Generically speaking, they must be fully accredited institutions according to the US Dept of Educations standards.
Consumer advocate Clark Howard has a lot of good info on 529 plans on his web site (third link).