CHARLOTTE, N.C. — Every state has a 529 plan, a way to save for a college education.
In the Tar Heel State, the program has been around for at least 20 years, according to Tamika Ruffin, regional representative for College Foundation of North Carolina, which oversees the state's 529 plan.
Ruffin told WCNC Charlotte anchor and reporter Jane Monreal, the plan has been updated.
"Whether it's K-12 education, whether it is a certification, it's a way for people to save for education and for college," Ruffin explained. "There's just so many different ways that people can now experience education now. So they don't necessarily have to be on a college campus."
Ruffin said the organization understands college is not the the only way to receive a quality education. So they updated the rules to allow more flexibility in how the 529 money can be spent.
"You can repay student loans. You can use it for our apprenticeship programs," she said. "Have it now and if it's in there for at least 10 years, you can also transfer it to an IRA."
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Wondering when you should start saving? Ruffin said any time is a good time to begin, but the sooner you can start saving, the better.
"One of the best things to do is to kind of start saving for college where they're young so that it can reduce their student debt when they get that time," she explained.
Ruffin said anyone can open a 529 account for a family member or friend.
From now until Dec. 31, every contribution of at least $25 to a state 529 plan will count as one or two entries toward the Education Wonderland Giveaway. The grand prize is worth $5,529 to go back into your 529 plan.
Contact Jane Monreal at jmonreal@wcnc.com and follow her on Facebook, X and Instagram.
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