{"id":48,"date":"2021-02-03T23:02:17","date_gmt":"2021-02-03T23:02:17","guid":{"rendered":"http:\/\/www.upromise.com\/articles\/?p=48"},"modified":"2021-05-24T20:05:52","modified_gmt":"2021-05-24T20:05:52","slug":"virginia-529-plan-basics","status":"publish","type":"post","link":"https:\/\/www.upromise.com\/articles\/virginia-529-plan-basics\/","title":{"rendered":"Virginia 529 Plan Basics"},"content":{"rendered":"\n

While we are providing general information about the state\u2019s 529 college savings plan, please consult the Plan Description and Participation Agreement for more detailed information and facts about the plan.<\/em><\/p>\n\n\n\n

A 529 plan is a savings plan that encourages education savings for qualified higher education expenses: college, vocational, or other post-secondary learning. 529 plan funds can also go to private high school or K-12 tuition at qualified educational institutions.<\/p>\n\n\n\n

Unlike a traditional savings account or bank account, your money grows tax free in a 529 account. Qualified distributions made, when the beneficiary reaches college age, are free of state and federal taxes.<\/p>\n\n\n\n

Different states have different state plans with different investment options and different tax benefits. They will also have different minimum contribution (and subsequent contribution) requirements and plan fees.<\/p>\n\n\n\n

You can enroll in any state\u2019s 529 plan that accepts non-resident enrollment. 529 plan funds can be applied to in-state schools or out of state schools, public or private institutions.<\/p>\n\n\n\n

Additionally, 529 plans can be linked to the Upromise rewards service. Earn an extra $25 bonus when you connect a 529 account to your Upromise profile.<\/strong><\/p>\n\n\n\n\n\n

\n
Get $25 Bonus<\/a><\/div>\n<\/div>\n\n\n\n

529 Plan Basics by State<\/h2>\n\n\n\n

Check out these College Savings: 529 Plan Basics by State<\/h2>\n\n\n\n
\n
\n

Western 529 Plans<\/h4>\n\n\n\n