Can you benefit from a 529 plan?

FINANCIAL FOCUS

Another school year is coming to a close. And if you have young children, they’re now a year closer to heading off to college or some other type of post-secondary education or training. So, if you haven’t already done so, you may want to start preparing for these costs.

And they can be considerable. During the 2022-23 school year, the average estimated annual cost (tuition, fees, room and board, books, supplies, transportation and other personal expenses) was nearly $ 28,000 for public four-year in-state schools and more than $57,000 for private nonprofit four-year schools, according to the College Board.