Having an Oklahoma 529 plan is a great way for families in Oklahoma to save for college. From the time you open and fund a 529 account for your son, daughter or other family member or friend, you can watch the investment balance grow over the years until they are old enough to attend their chosen institution of higher learning. The use of tax-free earnings to pay for college tuition is certainly a significant benefit of a 529 plan.
However, what may be less commonly known is that you do not have to wait for your children, or other designated beneficiaries, to pursue higher education before they start enjoying the perks of Oklahoma 529. It can begin in grade school. If you decide that a religious or other private school is best suited for your children, you can use 529 funds to cover as much as $10,000 of tuition per year for each student. This benefit applies to those at any grade level, whether the student is a kindergartener or a senior in high school, and to any 529 beneficiary still in school.
Another benefit of a 529 plan is the ability to pay for apprenticeship expenses from your account. According to the U.S. Department of Labor, apprenticeship programs registered with the department can begin at age 16 and allow young people to receive on-the-job training for a trade while completing related coursework in the classroom or online. Apprentices are employed full-time with participating companies, and their classes can be paid with 529 funds. These opportunities can lead to long-term employment and quite possibly an exciting and lifelong career for your Oklahoma 529 beneficiary.
The unique benefits provided by 529 account funding for K-12 private school and apprenticeships can be quite invaluable for those preparing for the rigors of college academics or a full-time job. With the new school year beginning for most schools in Oklahoma this month, there’s no better reminder for you to sign up for a 529 plan to help the young students in your life. Visit Oklahoma529.com and open your account online today.
