Your state might provide you 529 benefits when you wish to shop for the most popular plans. In case, you take a decision not to opt for your state’s plan and need a little bit of assistance, you can select the best 529 plans. If you decide not to go with your own state’s plan and need a bit of help choosing the best 529 plans for you, you can simply keep searching for the five of the best 529 plans which are as below. None of these plans have residency requirements for the plan beneficiaries, so you can easily stay anywhere and still reap a lot of benefits.

A 529 plan is a special account that allows you to save up for your child’s college costs as well as other educational expenses. You can even act as a custodian of the account, and thereby keep complete control and your child or anyone else can be designated as the beneficiary. According to some popular websites, you can simply contribute up to $465 per month into a 529 plan. Below are the few of the best 529 plans that can assist you.

College Savings Program (Direct Plan) of New York 529
New York’s 529 plans give a great mixture of low fees as well as age-based portfolios which allows you to make moderate or conservative investments that depend upon the age of your child.

College Investment Program of Maryland
Morningstar introduces Maryland’s College Investment Program which has been one of the four gold-rated plans. This has been administered or monitored by T. Rowe Price, and this plan has a wide variety of quality funds as per the Kiplinger.

Educational Savings Plan of Utah
Utah’s 529 plans are popularly known as USEP that have good ratings from Kiplinger as an excellent pick for seasoned investors since it has been more customizable than several different options. It has the second-best 10-year investment performance among most of the plans of the state, as per the analysis provided by Savingforcollege.com. You will find five age-based and nine static plan options, as per the Morningstar.

Virginia College America
The Virginia College America plan achieves high cores from the SavingforCollege.com as a particularly good pick for low fees as well as strong investment performance. It seems to have excellent features, and it has been one of the least-expensive picks for any actively managed plan, as per the Morningstar. The plan has even been the largest plan in the U.S. with $47 billion in assets.

College Savings Plan of Nevada Vanguard 529
This Nevada plan has been another plan that has been introduced by Morningstar (four gold-rated options). It gains specific raves that help you to maintain lower costs and utilize a wide variety of strong Vanguard index funds. You will simply have three age-based as well as 19 static plan options.

Buy a 529 Direct from a State or a Financial Advisor
Similar to a purchase of 529 directly through a state, you will find that financial advisors also provide these plans, such as the Virginia CollegeAmerica 529. You may need extra guidance on what exactly to choose or wish to use a more aggressive approach to manage your 529. Suppose, you have a long-standing relationship with a particular financial advisor or wish to maintain all of your investment accounts at a single brokerage, then it is better to open a 529 account with them.

Consider a Prepaid 529
There are two main types of 529 plans, such as investment plans as well as prepaid tuition plans. Investment plans which are popular as college savings plans have been too common and are a kind of 529. When the time arrives, you can simply withdraw the tax-free earnings and use it for education. You can then make tax contributions to an investment account. Since skyrocketing college costs show little sign of slowing down, it seems an attractive option, especially if you want a conservative way to put away your money for a older child who only has got few years until college.

Major cons of these plans
Firstly, they are usually a great choice for in-state public schools, and you can still receive funds out of the prepaid 529. Second, prepaid plans will usually have strict rules about the qualified expenses than the investment 529s. Some plans might cover only the tuition and fees and not the room, board, books, or any other relevant costs. Because of these large limits, investment plans have been the best choice for several investors.

The best 529 plans to use
Regardless of where you invest your funds, the best 529 plans are the ones that you can simply contribute to. In case, you receive any tax benefits; you will earn a great bonus.