We do not have any 529 plans for our kid. He is a senior now and doing his application. We were not sure where we will be by the time they finish high school so we never enrolled in 529 plan.
If he gets into private school, there is a high chance the fees will be raised sometime in the 4 year period.
Question - Can I enroll in prepaid tuition to lock my fees ? I am not looking to grow my money but trying to protect myself from fee increase. I am in California and there is no state plan for prepaid tuition in CA, so I do not know what are my options even if this is a possibility.
Some colleges do hold your costs the same for all four years. But that’s not very common.
There are others where you can pay for all four years up front and no tuition increases would happen (I don’t believe room, board and other costs have this).
Can you buy a prepaid plan to protect against tuition increases at any college? I’m going to opine…NO.
Although California doesn’t have a prepaid tuition plan, the UCs did roll out their Tuition Stability Plan this year, which means that costs will remain the same for each new class.
Beginning fall 2022, tuition will be adjusted for each incoming undergraduate class but will subsequently remain flat until the student graduates, for up to six years.
Location uncertainty shouldn’t be a reason to not have a 529 plan. You can open a plan in any state and use it to pay college expenses in any other state. You can also have multiple plans in different states.
Agree. We’re in California and had a 529 plan for each of our kids.
Then, we continued to add to all of their 529 accounts as two went to grad school.
The location of where you physically reside doesn’t matter because you access your account online.
It is not the location in US , our parents are in different country and if they would have any health issues then we would have to leave US so did not want to be in a situation to leave the children behind.