529 plans come in two basic varieties: pre-paid tuition plans and college savings plans. While most pre-paid tuition plans are limited to paying for tuition and mandatory fees, some allow a room and board option or the use of excess tuition credits for other qualified expenses. Pre-paid tuition plans are offered for eligible public and private participating colleges and universities, generally for residents of a specific state. Most of these plans have set payment options based on the age of the prospective student and the number of years of tuition credit purchased.
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