By Joy Allmond
Savings plans initially created to allow parents to invest funds to help pay for college have now been approved to apply toward tuition at any elementary or secondary public, private, or religious school.
The 529 plans allow education funds to grow tax-free. Many states also offer tax breaks and matching grants for contributions.
George Tryfiates, director for government affairs for the Association of Christian Schools International, says the new policy may give some families more options for their children’s futures.
“It’s a big step in the right direction,” he says, although he maintains the change probably is too small to boost enrollment at Christian schools as much as other measures might.
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JOY ALLMOND (@JoyAllmond) is managing editor of Facts & Trends.