Another problem with college education plans is that the overriding control is generally in the hands of the beneficiaries when the time comes. Such plans were made typically for one child, and were not transferable. This is not the case with a 529 College Plan at all. A parent may open the 529 College Plan account for his or her child, but the overall control of the plan will always remain in the hands of the parents. Also, these plans are transferable. So, if the child grows up and decides not to study college at all, or gets a scholarship that covers for the college expenses, then someone else can very easily be made the beneficiary of the plan.
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