What is a 529 College Savings Plan?
A 529 College Savings Plan is an investment plan, often sponsored by a state, that comes with special tax benefits and is designed to help people save for a beneficiary’s (like a child’s or grandchild’s) education expenses. The money saved in a 529 account grows tax free and can be used to pay for eligible expenses like tuition, books and more. Withdrawals used for these types of qualified expenses are also tax free. The Oregon College Savings Plan is Oregon’s 529 plan.