A 529 plan is a savings account that pays for a student's qualified education expenses while attending college. This includes not only tuition and room and board, but also computer equipment, books and mandatory school fees. However, a student can only use 529 funds at an eligible educational institution.
Foreign Schools May Receive 529 Funds
A student can use funds from her 529 plan to pay for studies at a foreign university if the school is an eligible educational institution. This is any vocational school, college, university or other post-secondary educational institution that participates in financial aid programs sponsored by the U.S. Department of Education. Students can confirm a foreign school's eligibility by conducting a "Federal School Code Search" on the Department of Education's Federal Student Aid website. The search lists domestic and foreign schools that participate in the department's financial aid programs.
Video of the Day
Brought to you by Sapling
- Digital Vision./Photodisc/Getty Images