can i use a 529 to pay off student loans

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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 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.

  • 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.

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