College students and soon-to-be college students got a bit of good news recently. Computers, though long relied on by students, were not always considered required equipment for the completion of coursework. That meant for many families, the funds they had been saving for college expenses through their Edvest plans could not be used to make this significant purchase.
That all changed when congress recently approved legislation that will make computers, and related technology such as internet fees, software or printers, qualified education expenses. The student must be the primary user of the equipment, however.
More flexibility for student funds
In addition to expanding what the funds may be used for, congress also included an enhancement that allows students to redeposit funds to their 529 plan within 60 days without penalty should they need to withdraw from a class.
More families see saving for college as a top priority, these changes offer them even more flexibility from their 529 college savings plans.