Saving for college has long been a priority for families, but recent changes to popular 529 savings plans are giving parents more flexibility in how they use those funds.

San Diego

529 college savings plans, traditionally used for college or K-12 tuition, have expanded to cover additional educational expenses. Families can now use these funds for high school AP tests, college exams, tutoring, and a variety of career and vocational programs, such as plumbing, electrical work, and cosmetology. 

Financial experts advise that starting contributions early, even with small monthly amounts, can significantly help offset future educational costs. According to recent data, 9% of students use college savings plans like the 529, and families are encouraged to seek resources or consult financial professionals when considering these plans.

529 college savings plans expand to cover more educational expenses

We've often been asked, what do you want to be when you grow up? And nowadays that involves some form of training or education, which can be costly. Well here are some ways you can save money. Saving up for college isn't something new, but there are changes to a popular savings account parents open for their kids, a 529 savings plan. Many families open this type of account because it's tax free, and it's specifically designed to help families save for educational expenses. Before the passing of the big beautiful bill, the funds from this savings plan could only be used for college or K-12 tuition. Now it can be used to pay for different expenses, from high school AP tests, college exams, tutoring outside of school, and other career programs. Training and certification for skilled trades and vocational careers, that is huge. plumbing, electrical work, welding, HVAC, cosmetology, those are all covered. Thomas Bowles is the president and owner of Telesis Tax and Financial in Mission Valley. He says a monthly deposit of $50 to $100 can add up, but it's important to start early. Earlier the better. So if you can do it on day one from the hospital, that's the best, but obviously the earlier the better, and also instead of getting the presents that sit in the closet for a year and then go to goodwill, have a relative send a $50 donation, or not donation, but a deposit. Thomas opened an account for his daughter. Years later, they're able to use those funds to help offset some of her college expenses. Out of state tuition, we were out of state tuition, and per semester it was over $30,000. Tuition and books, and just anything that would be covered under this, all of that would be covered. According to thecollegeinvestor.com, when it comes to paying for college, 22% of students rely on their parents' income, with 17% using scholarships, 12% for grants, and 9% using college savings plans like a 529 plan. If you are interested in opening a 529 plan, Thomas suggests looking online for free resources or check in with a financial professional. Almost every financial organization has some sort of program for the 529, and they will basically follow in line with any rules and regulations that are put out with new legislation. Marie Cornell, ABC 10 News.

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