Are 529 Plans Really the Best Way to Save for College?
by Dale Maley
Before the advent of 529 plans, UGMA accounts were the principal method of saving for college. When state administered 529 plans were created by Congress in 1996, conventional wisdom said they were the new preferred method for college savings. Now many states are perilously close to bankruptcy and have closed their 529 plans. It is time to revisit the college savings method decision.