Understanding Maryland 529 with Michelle Winner Everything Money

In this episode, Leah Jones, Director of Financial Planning for Hightower Bethesda, talks to Michelle Winner, Director of Marketing for Maryland 529 plan, about using a 529 plan as a savings and investment plan for college costs specific to Maryland. They answer commonly asked questions about these types of plans.
 
“Adults can use the plan too. For example, maybe your child doesn’t need the money, but perhaps you want to go back to school. You could use the funds yourself to pay for your education expenses. So just something to think about too for those who are looking to maybe pursue a new career or a new trade.” -Michelle Winner [23:51]
 
What You Will Learn:
[01:32] What is a 529 plan
[02:08] The advantages of opening a 529 account vs a traditional savings account
[05:30] Two different types of Maryland 529 plans
[08:41] How to contact Maryland 529
[09:23] What happens if the child choose an out-of-state school
[14:23] What is a qualified higher education expense
[18:44] If the funds can be used for anything other than college
[23:37] Adults can use the Maryland 529 plan too
[25:12] How 529 funds affects FAFSA
[32:21] Options if the child doesn’t go to college
[33:02] Contribution guidelines
 
Our Contacts:
Website: bethesda.hightoweradvisors.com
LinkedIn: Hightower Bethesda
Facebook: HightowerBethesda
Twitter: @LeahPlans4You
 
Guest’s Contacts:
Phone number: 888.4MD.GRAD