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How much can I use my 529 plan to pay off student loans?
Similarly, if you have two parent-owned 529 plans, one for the beneficiary and one for the beneficiary鈥檚 sibling, at most $10,000 combined from the two 529 plans can be used to repay the beneficiary鈥檚 student loans.
Can you use a 529 plan to pay for apprenticeship?
Under the SECURE Act of 2019, plan holders can use 529 plans to pay for tuition and qualified expenses of apprenticeship programs and can withdraw a lifetime maximum of $10,000 to pay down student loan debt. The Basics of the 529 Plan
Can you use a 529 plan to pay for K-12 education?
The Tax Cuts and Jobs Act (TCJA), signed in 2017, expanded coverage to include qualified tuition expenses for K-12 education. Under the SECURE Act of 2019, plan holders can use 529 plans to pay for tuition and qualified expenses of apprenticeship programs and can withdraw a lifetime maximum of $10,000 to pay down student loan debt.
Can a grandparent own a 529 plan and have student loans?
For example, if you have a parent-owned 529 plan and a grandparent-owned 529 plan for the same beneficiary, and take a $10,000 distribution from each to repay the beneficiary鈥檚 student loans, $10,000 of the $20,000 in distributions will not be qualified.