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Is a 529 Plan the Best Way to Save for College?

So what happens when your child gets a full scholarship and you’ve already set money aside in a 529 plan versus a life insurance policy? The good news is that if you have other children, that 529 plan can go towards another child. The bad news is that if it’s not utilized for that child, you lose that money and you can’t get it back. The counteract to that is that you invest in a life insurance or an annuity for the child and therefore that money can be applied elsewhere – a new car, a down payment for a house, technical school. Don’t count out the trades! They’re up and coming!

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