College savings plans

Kevin Dodge | The Image Bank | Getty ImagesSEATTLE — For many families, paying for college is a financial burden, and experts say education funding myths may be adding to the student loan debt crisis."There's often this perception that somehow people are being penalized for saving for college," said Cozy Wittman, national education and partnerships speaker with College Inside Track. "It's candidly, blatantly not true."Parent-owned 529 college savings plans are assessed at 5.64% when filing the Free Application for Federal…

Klaus Vedfelt | DigitalVision | Getty ImagesMonths of stock market volatility may deliver a costly surprise to parents sending children to school this fall: smaller-than-expected 529 college savings plan balances. The average 529 account size was $30,287 in 2021, according to the College Savings Plans Network, but families may now have lower balances, financial experts say.And it may be a "rude awakening" for parents scrambling to make their first payments in August, said certified financial planner Lisa Kirchenbauer,…