HAMPTON ROADS, Va. (WAVY) — Today is National 529 College Savings Plan Day.
The 529 plans is a way to help parents fund their children’s educations.
According to financial experts, the average college graduate has about $37,000 of debt.
The government-sponsored collage savings accounts have tax benefits to help parents save. The money placed into the account will grow tax-deferred, and if your child takes money out of the plan for qualified education expenses the money comes out tax-free.
Qualified education expenses include the students tuition, books, or housing.
You can find more information on 529 day here: https://www.savingforcollege.com/