By Carolyn Rice
Is your child yearning to go to college in the Marshall Islands but you have saved funds for their education in a tax-advantaged 529 education plan? Never fear – your forethought and discipline will not be for naught!
It is a common misconception that funds saved in 529 plans can only be used for major U.S. based colleges and universities. This is not the case. Any college, university or trade school that is eligible to participate in a student aid program run by the U.S. Department of Education is considered eligible for the use of 529 funds. Running a search for foreign countries (FC) on the list of 529 eligible institutions at www.savingforcollege.com nets you 328 eligible schools located everywhere from the UK to, well, the Marshall Islands.
And if your child’s educational aspirations run closer to home you’ll also find a number of community colleges, music and art schools, trade and vocational schools including beauty schools, massage therapy schools, cooking schools, technology schools and the like along with those major universities. Many graduate schools are also 529 eligible.
You can search HERE for the college of your child’s choice.
And if you don’t find the school you’re looking for on the list, it’s worth a call to ask if they are 529 eligible. And if you don’t know where the Marshall Islands are, Google maps is an excellent resource.