States often charge an annual maintenance fee for a 529 plan, which ranges from $0 to $25.<\/span> In addition, if you bought your 529 plan through a broker or advisor, they may charge you an additional fee for the assets under management. The individual investments and funds inside your 529 may also charge ongoing fees. Look for low-cost mutual funds and ETFs to keep management fees low.<\/p>"
}
}
,
{
"@type": "Question",
"name": "Who Maintains Control Over a 529 Plan?",
"acceptedAnswer": {
"@type": "Answer",
"text": " A 529 plan is technically a custodial account<\/a>, as an adult custodian controls the funds for the benefit of a minor. The beneficiary can assume control over the 529 once they turn 18. However, the funds must still be used for qualifying education expenses.<\/p>"
}
}
,
{
"@type": "Question",
"name": "What Are Qualified Expenses for a 529 Plan?",
"acceptedAnswer": {
"@type": "Answer",
"text": " Qualified expenses for a 529 plan can include the following:<\/span><\/p> Depending on the education level, certain costs won't be considered qualified education expenses.
<\/p>"
}
}
]
} ] }
]