What’s the Difference between Custodial and Individual 529 Plans for 2025?

by Alex Hillsberg , MA

Student Finance & Loan Expert

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The high cost of education and the rising level of student debt are age-old concerns faced by students and their families. According to the Board of Governors of the Federal Reserve System, the outstanding student debt in the country is $1.753 trillion as of the first quarter of 2024. Investment vehicles like custodial and individual 529 plans can significantly reduce the financial burden on students, as long as they are leveraged properly.   

To ensure this, I prepared a guide that defines custodial 529 plans and individual 529 plans and differentiates them from each other. Drawing from my experience as a seasoned career planner, I also provided information on these plans' requirements, contribution limits, and withdrawals.  

Key Things You Should Know About Custodial and Individual 529 Plans

• There are 43.2 million borrowers in the United States who have federal loan debt.
• Custodial and individual 529 plans mainly differ in ownership, control, and financial aid treatment.
• The aggregate limit of 529 plans typically range from $235,000 to $529,000.
• Custodial 529 plans are assessed at a relatively low rate of 5.64% when calculating the EFC
• The average balance of 529 plans increased by $169.04 monthly in 2023.

Table of Contents

1. What is a custodial 529 plan?
2. What is an individual 529 plan?
3. What is the difference between custodial and individual 529 plans?
4. What are the requirements to open custodial and individual 529 plans?
5. What are the benefits of using a custodial 529 plan?
6. How does a custodial 529 plan affect financial aid eligibility?
7. What are the contribution limits of custodial and individual 529 plans?
8. What are UGMA and UTMA accounts?
9. How do you withdraw funds from a 529 plan?
10. What happens if the beneficiary doesn’t pursue higher education?
11. How Do Complementary Educational Choices Impact 529 Plan Effectiveness?
12. What are the risks associated with 529 plan investments?
13. What are the qualified expenses for a 529 plan?
14. Can you use custodial and individual 529 plans to cover housing costs?
15. How Can Tax Strategies Amplify 529 Plan Growth?
16. Should I Consider Immediate Student Loans as a Backup for 529 Plan Shortfalls?
17. How to Strategize Between 529 Plans and Additional Funding Options
18. Can a Low Cost Bachelor Degree Online Option Lower Your Overall Education Costs?
19. Can Shorter Degree Programs Enhance Your 529 Savings Strategy?
20. What Factors Should I Consider When Selecting a 529 Plan Provider?
21. Can External Scholarships and Grants Optimize 529 Savings?
22. Other Things You Should Know About Custodial and Individual 529 Plans

What is a custodial 529 plan?

A custodial 529 plan is a strategic way to jumpstart a child's education savings. It functions like a college savings account for a minor, but with a twist. A designated custodian, typically a parent or guardian, manages the account until the beneficiary reaches adulthood (18 or 21, depending on state law).

This plan offers the best of both worlds: tax advantages on contributions and qualified education expenses, and a custodial structure where the custodian makes investment decisions for the beneficiary's educational goals.

However, there are some key considerations. Unlike traditional 529 plans, control of the funds transfers to the beneficiary upon reaching adulthood. While this ensures the funds are dedicated to their education, it also means they'll have full control over any remaining money at that point.

Additionally, custodial plans may impact the beneficiary's financial aid eligibility. Discussing these points with a financial advisor can help determine if a custodial 529 plan aligns with one's goals.

Some families may ask, "How much does community college cost?" The financial strain can be less if a student relies on a custodian 529 plan. 

What is an individual 529 plan?

Typically known as a traditional 529 plan, an individual 529 plan is a tax-advantaged savings account designed specifically for future education expenses. Unlike custodial 529 plans where a minor owns the account, an individual 529 plan offers more control to the adult who sets it up. This adult, often a parent or grandparent, acts as the account owner and chooses a beneficiary, typically a child or grandchild.

The key benefit of an individual 529 plan lies in its flexibility. The account owner retains control over contributions, investment choices, and withdrawals. This means they can manage the plan strategically and ensure the funds align with the beneficiary's educational goals.

Additionally, the owner has the option to change the beneficiary to another qualified family member if their educational plans shift. This flexibility, combined with tax-free growth on contributions and tax-free withdrawals for qualified education expenses, makes individual 529 plans a popular choice for families planning for college or other educational costs. 

What is a Title 1 school in terms of expenses? The cost will be easier to pay with an individual 529 plan. 

Recent data reveals that combined assets of 529 savings plans were $446.6 billion by the end of 2023. The chart below indicates the total assets of 529 savings plans in the United States, which increased significantly from year-end 2022.

What is the difference between custodial and individual 529 plans?

The key difference between custodial and individual 529 plans lies in ownership and control. Knowing the ideal use for both can help ease the financial burden of the 43.2 million borrowers in the United States who have federal loan debt. 

Let us delve into the general differences between the two plans.

Custodial 529 Plan

• Ownership. The student is technically the account owner, but a custodian (usually a parent or guardian) manages it until they reach adulthood. 
• Control. The custodian controls contributions, investment choices, and withdrawals until the student takes over. 
• Financial Aid. May be treated as a parental asset on the FAFSA (Free Application for Federal Student Aid), potentially impacting need-based aid eligibility.

Individual 529 Plan

• Ownership. An adult (parent, grandparent, etc.) is the account owner, and they choose a beneficiary (often a child). 
• Control. The owner controls contributions, investment choices, and withdrawals. They can also change the beneficiary (with limitations). 
• Financial Aid. Generally treated as a parental asset on the FAFSA if the beneficiary is the owner's child. However, the owner can change the beneficiary to someone else (like a niece or nephew), reducing its impact on the beneficiary's financial aid.

These plans can help students of different ages, graduates, and their parents reduce their debt and pay for the cost of education. After all, the amount of federal is high across all age groups. The chart provides details on federal student debt per age group. 

What are the requirements to open custodial and individual 529 plans?

To open an individual or custodial 529 plan, applicants should provide several documents and some legal tender to their chosen provider. Here are the general requirements for both plans: 

Requirements to Open a Custodial 529 Plan

• Custodian and Beneficiary. A custodian (typically a parent or guardian) must be appointed to manage the account on behalf of the minor beneficiary. The beneficiary must be a minor. 
• Legal Residency. Both the custodian and the beneficiary need to be U.S. citizens or legal residents. 
• Social Security Number. The Social Security numbers or taxpayer-identification numbers of both the custodian and the beneficiary are required. 
• Initial Contribution. An initial contribution is often required to open the account, with the amount varying by state or plan provider. 
• Documentation. Completion of the account application form and any required identification documentation, such as proof of identity and residency.

Requirements to Open an Individual 529 Plan

• Account Owner and Beneficiary. The account owner, who can be anyone (parent, grandparent, other relatives, or even the beneficiary themselves if they are of legal age), names a beneficiary for the account. 
• Legal Residency. The account owner and the beneficiary must be U.S. citizens or legal residents. 
• Social Security Number. The Social Security numbers or taxpayer-identification numbers of both the account owner and the beneficiary are required. 
• Initial Contribution. An initial contribution is often required to open the account, with the amount varying by state or plan provider. 
• Documentation. Completion of the account application form and any required identification documentation, such as proof of identity and residency.

What are the benefits of using a custodial 529 plan?

While individual 529 plans have the same benefits as traditional 529 plans, custodial 529 plans bring a distinct set of advantages to the table. These include the following: 

• Tax-Advantaged Growth. Contributions grow tax-deferred within the account, and qualified education expenses like tuition, fees, and books are tax-free upon withdrawal. This significantly boosts the account's value compared to a traditional savings account. 
• Early Start for College Savings. Custodial plans allow users to open an account for a child even when they're very young. This enables them to leverage compound interest over a longer period, maximizing potential growth. According to recent reports, 529 plans have an average account balance of $27,741.
• Investment Management. A custodian manages the investments within the plan until the beneficiary reaches adulthood. This allows them to tailor the investment strategy to their risk tolerance and the beneficiary's anticipated educational timeline. 
• Potential Financial Aid Advantages (in some cases). While custodial 529 plans are considered parental assets on the FAFSA, they may not always directly impact the beneficiary's need-based financial aid eligibility as much as a traditional parental savings account. However, consulting a financial advisor may be essential to fully understanding the impact. 
• Future Use Flexibility (with limitations). Once the beneficiary reaches adulthood, they gain control over the remaining funds. Ideally, these funds are used for qualified education expenses to maintain the tax benefits. However, the beneficiary can choose to use them for other purposes (though non-qualified withdrawals incur taxes and penalties).

How does a custodial 529 plan affect financial aid eligibility?

Custodial 529 plans usually do not have much impact on financial aid eligibility and amounts received, especially when compared to UTMA/UGMA accounts. Here are some of the plan's effects on financial aid: 

• Treatment. Custodial 529 plans are considered parental assets on the FAFSA. This means they are assessed alongside other parental income and assets when calculating the Expected Family Contribution (EFC). 
• Impact on EFC. The good news is that custodial 529 plans are assessed at a relatively low rate of 5.64% when calculating the EFC. This means that for every $10,000 in a custodial 529 plan, the EFC might increase by only $564. 
• Comparison to Student-Owned Assets. It is important to note that this 5.64% assessment rate is significantly lower than the rate applied to student-owned assets such as savings accounts or UTMA accounts (typically assessed at 20%). Therefore, from a financial aid perspective, having funds in a custodial 529 plan is generally more advantageous than having them directly in the student's name. 
• Withdrawals for Qualified Expenses. If funds are withdrawn from a custodial 529 plan to pay for qualified education expenses, the withdrawal itself is not reported as income on the FAFSA. This is a significant benefit, as it avoids increasing the EFC for the following year.

What are the contribution limits of custodial and individual 529 plans?

Both custodial and individual 529 plans share the same contribution limits set by federal gift tax rules and state-specific aggregate limits, making them flexible and powerful tools for education savings. Here are the limits in various scenarios: 

• Annual Gift Tax Exclusion. The IRS sets a limit on how much one person can gift to another in a year without incurring a gift tax. In 2024, this annual exclusion is $18,000 per donor, per beneficiary. This means a single person can contribute up to $18,000 annually to a 529 plan for a beneficiary without triggering a gift tax. Married couples filing jointly can effectively double this exclusion, allowing contributions of up to $36,000 per year per beneficiary. 
• Superfunding with the Five-Year Rule. A strategy called "superfunding" allows exceeding the annual gift tax exclusion. By contributing up to five years' worth of gifts in a single year, one can utilize the annual exclusion for each of those five years. For example, in 2024, a single person could contribute $90,000 (5 x $18,000) to a 529 plan. However, this strategy requires careful planning and reporting on tax forms. Consulting a financial advisor is recommended before implementing a superfunding strategy. 
• State-Specific Lifetime Limits. While the annual gift tax exclusion focuses on yearly contributions, each state that sponsors a 529 plan also sets a maximum total contribution limit, or lifetime contribution limit, for each beneficiary. These limits can vary significantly, ranging from $235,000 to $529,000. Individuals should check their state's 529 plan website or contact their administrator to confirm the specific limit for their state's plan. Once the account reaches this limit, no further contributions can be made, but the existing balance can continue to grow through investment earnings. 
• Custodial Account Considerations. While contribution limits are the same for both custodial and individual 529 plans, it is crucial to remember that contributions to a custodial 529 plan are considered irrevocable gifts to the minor beneficiary. The designated custodian manages the account until the beneficiary reaches the age of majority, at which point they gain full control of the funds.

What are UGMA and UTMA accounts?

Sometimes mistaken as custodial 529 plans, UGMA and UTMA accounts are types of custodial investment accounts that enable adults to save and invest money on behalf of a minor child. These are considered the child's assets for financial aid purposes, while custodial 529 plans are treated as parental assets. Let us delve into the definition of both plans.

• Uniform Gifts to Minors Act Accounts. UGMA accounts are a way for adults to give money, stocks, or other things to kids without needing a special trust. An adult, like a parent or guardian, takes care of the account until the kid turns 18 or 21, depending on the state. The money in a UGMA account can be used for anything that helps the kid, not just school. The account's earnings are taxed at the kid's lower tax rate, but big earnings might have extra taxes. Once the money is put into a UGMA account, it can't be taken back, and the kid gets full control of the account when they become an adult. 
• Uniform Transfers to Minors Act Accounts. UTMA accounts are like UGMA accounts but allow more types of gifts, like real estate, art, and patents. An adult manages the account until the kid reaches adulthood, which can be up to age 25 in some states. The money in a UTMA account can be used for anything that helps the kid, giving more options. Earnings are taxed at the kid's tax rate, with extra taxes possible on high earnings. Just like UGMA accounts, once money is put into a UTMA account, it can't be taken back, and the kid gets control of the account when they become an adult as defined by state law.

How do you withdraw funds from a 529 plan?

Withdrawing funds from a 529 plan is a straightforward process. To eliminate confusion, I have outlined the steps for obtaining funds from the plan.

1. Calculating Qualified Expenses. The first step involves determining the amount needed for qualified education expenses. This includes tuition, fees, books, supplies, and room and board. 
2. Initiating the Withdrawal. Once the amount is established, the account owner contacts their 529 plan provider to initiate the withdrawal process. Many plans offer convenient online or phone options, while some may require a paper form. During this process, the account owner specifies the withdrawal amount and provides details on how the funds should be disbursed. 
3. Designating the Recipient. The account owner has the flexibility to choose where the funds are sent. They can direct the withdrawal to the educational institution itself, to the beneficiary (the student), or to themselves. Sending funds directly to the school can streamline record-keeping and ensure they are used for qualified expenses. 
4. Documentation for Tax Purposes. The account owner should maintain thorough records of the expenses paid with the withdrawn funds. This includes receipts, invoices, and financial aid statements. Having proper documentation is essential in case they need to verify that the funds were used for qualified education expenses and to avoid potential tax liabilities and penalties. 
5. Aligning with Payment Deadlines. To avoid any complications, it is important to plan the withdrawal timing to coincide with the educational institution's payment deadlines. Ideally, withdrawals should be made in the same tax year as the expenses they cover for smooth tax reporting.

What happens if the beneficiary doesn’t pursue higher education?

If the beneficiary opts not to pursue higher education, account owners are faced with important decisions to preserve the plan’s tax advantages. They may consider transferring the account to another eligible family member to avoid triggering penalties. Otherwise, non-qualified withdrawals will subject the earnings portion to both income taxes and an additional penalty, potentially compromising the overall savings strategy. Evaluating alternative funding methods, such as private college loans, can help balance the financial strategy without undermining the benefits of maintaining a tax-advantaged account.

How Do Complementary Educational Choices Impact 529 Plan Effectiveness?

A critical yet often overlooked factor in maximizing a 529 plan’s benefits is aligning education funding with broader academic strategies. Evaluating the cost and structure of one’s educational pathway can help identify opportunities to further reduce overall expenses. For instance, examining program demands and potential cost efficiencies—such as those available when considering which bachelor degree is easiest—can ensure that educational investments are as strategic as the 529 plan itself. This perspective encourages decision-makers to assess not only the account’s tax and savings advantages but also how educational choices may enhance long-term financial outcomes.

What are the risks associated with 529 plan investments?

Investing in a 529 plan involves exposure to market volatility and investment risks that can affect long-term savings. The performance of underlying assets, such as mutual funds or exchange-traded funds, is subject to economic fluctuations and may result in losses during downturns. It is essential for account owners to assess their risk tolerance and align their investment strategy with their education funding timeline. Additionally, liquidity concerns and portfolio concentration require careful management to ensure funds remain available when needed. Financial experts advise regular monitoring and diversification to mitigate these risks, especially when planning for advanced education expenses, such as how much does a PhD cost per year.

What are the qualified expenses for a 529 plan?

With 16.25 million active accounts as of June 2023, 529 plans are increasingly becoming popular as an avenue for financial aid due to their wide coverage of expenses. Interestingly, the average balance of 529 plans increased by $169.04 monthly in 2023. 

The qualified expenses include the following: 

• Core Educational Costs. This includes tuition and mandatory fees associated with enrollment at eligible colleges, universities, vocational schools, and other accredited postsecondary institutions. 
• Course Materials. 529 plans can be used to purchase required books, supplies, and equipment directly related to the beneficiary's enrolled courses. Think textbooks, notebooks, calculators, and other essentials for their studies. Some plans even cover specialized computer equipment needed for specific programs. 
• Living Expenses (with Limits). A portion of the 529 plan can go towards qualified room and board expenses. This covers on-campus housing, off-campus housing (up to a certain amount set by the school's cost of attendance calculation), and meal plans. 
• Technology for Learning. For some plans, funds can be used to purchase computers, software, and internet access, as long as they are primarily used by the student while enrolled. 
• Supporting Students with Disabilities. If the beneficiary has a documented disability, 529 plans can cover qualified disability-related expenses. This can include assistive technology, specialized software, or transportation costs related to the disability, ensuring they have the tools they need to succeed. 
• Apprenticeship Programs. Recently, qualified expenses were expanded to include fees and equipment for apprenticeship programs, like books and supplies. This promotes financial flexibility for those pursuing vocational careers. 
• K-12 Tuition (with Limitations): Changes in federal tax law allow up to $10,000 per year per beneficiary for qualified tuition expenses at public, private, or religious elementary or secondary schools (K-12). However, it is important to note that this benefit is not yet available in all states, and there may be variations in eligibility depending on your state's plan. Always check with your plan administrator for details. 
• Helping Manage Student Loans. Some 529 plans allow withdrawals of up to $10,000 (lifetime maximum) to be used towards repaying qualified education loans for the beneficiary and an additional $10,000 each for any siblings of the beneficiary.

Can you use custodial and individual 529 plans to cover housing costs?

While custodial and individual 529 plans are specifically designed for education-related expenses, you may wonder if these funds can be used for housing costs. In certain circumstances, 529 plans allow for the withdrawal of funds to pay for qualified room and board expenses, such as those incurred by students living on-campus or in off-campus housing. However, the amount covered by a 529 plan cannot exceed the cost of attendance as determined by the educational institution, so it’s essential to verify these limits beforehand.

Student loans often become an option for students considering alternative ways to manage housing expenses. When you wonder, "Can you get student loans to pay for rent?", compare the flexibility of those funds against 529 plans. Although loans do not offer the tax benefits of 529 plans, they can provide greater versatility in managing non-qualifying expenses, such as utilities or other living costs.

Understanding the nuances of housing expense coverage under educational savings plans and other financial tools is crucial for optimizing your financial resources. Consult a financial advisor to align your savings approach with your goals and unique housing needs.

How Can Tax Strategies Amplify 529 Plan Growth?

Maximizing 529 plan benefits goes beyond selecting the right provider—it also involves a keen focus on tax planning. Account owners can enhance growth by strategically timing contributions and withdrawals to take full advantage of available state tax deductions and credits. Evaluating your annual income to determine low-tax years for withdrawals helps minimize taxable events, while periodic portfolio reviews can uncover opportunities for tax loss harvesting. Integrating these tactics with a diversified education financing approach, including options like student loans with no credit, ensures a balanced and forward-thinking strategy that aligns tax benefits with long-term financial objectives.

Should I Consider Immediate Student Loans as a Backup for 529 Plan Shortfalls?

While 529 plans are designed to cover qualified education expenses, unforeseen shortfalls may arise. In these scenarios, incorporating a backup borrowing strategy can provide a safety net without disrupting long-term savings goals. For instance, evaluating options like immediate student loans can offer a timely solution when cash flow is constrained. This approach allows you to preserve the tax advantages and growth potential of your 529 investments while managing any unexpected costs efficiently. Consulting with a financial advisor remains essential to ensure that this layered financing strategy aligns with your overall education funding plan.

How to Strategize Between 529 Plans and Additional Funding Options

When planning for educational expenses, both custodial and individual 529 plans are excellent tools for covering qualified costs. However, there are instances where these funds may not suffice, especially when tackling non-qualified expenses or extensive educational pursuits. In such cases, students and families often explore supplementary financing options like part time student loans to bridge the gap.

One advantage of leveraging part time student loans is their flexibility in covering a broader spectrum of expenses beyond what 529 plans allow. For instance, while 529 plans are confined to qualified expenses such as tuition, books, and room and board, part time student loans can help address other costs like transportation, off-campus housing utilities, or technology equipment not covered by the plan. This ensures students can manage their finances more comprehensively while still benefiting from the tax advantages of 529 plans.

To maximize financial resources, a strategic approach is essential. Families can prioritize 529 withdrawals for education-related qualified expenses while earmarking part time student loans for discretionary or unforeseen costs. This layered financial strategy not only reduces dependency on high-interest loans but also aligns with long-term financial security.

For students planning to take up part-time jobs or flexible schedules, utilizing part time student loans effectively can provide room to manage work and studies simultaneously without financial strain. Always consult with a financial advisor to create a personalized plan that optimally integrates savings, financing tools, and educational objectives to achieve your academic and financial goals.

Can a Low Cost Bachelor Degree Online Option Lower Your Overall Education Costs?

Integrating accessible online education options with your 529 plan strategy can further reduce the financial burden of higher education. Institutions offering a low cost bachelor degree online not only deliver tuition savings but also enable faster degree completion, which can decrease overall student debt accumulation. By targeting programs that emphasize affordability and efficiency, families may reallocate saved funds toward other qualified expenses or unexpected costs, thereby enhancing both financial flexibility and long-term planning.

Can Shorter Degree Programs Enhance Your 529 Savings Strategy?

Evaluating alternative education models may reveal opportunities to minimize overall education expenses while preserving 529 plan benefits. Short-term programs, such as the 6-month associate degree online, provide a faster route to career entry and help reduce reliance on prolonged debt accumulation. This approach supports a strategic allocation of 529 funds toward courses that complement both immediate and long-term educational goals.

Here's What Graduates Have to Say About Custodial and Individual 529 Plans

"I used my individual 529 plan to go back to school and pursue a career in nursing. It was amazing to have the funds readily available to invest in myself and my future. The flexibility of the plan allowed me to manage the contributions and choose an investment option that aligned with my goals. Thanks to the 529 plan, I was able to make a career change and achieve my dream!" - Rachel

"Having a custodial 529 plan made my college experience stress-free because I never had to worry about covering tuition or textbook costs. My parents' foresight in setting up this plan gave me the freedom to focus entirely on my studies and pursue my passions. Thanks to the custodial 529 plan, I graduated debt-free." - Samantha

"Thanks to the custodial 529 plan my grandparents started for me when I was a child, I graduated debt-free and had the opportunity to focus on my studies and extracurricular activities. The funds were managed conservatively, ensuring they would be available when I needed them most. I'm grateful for the head start it gave me in life." - Charles

What Factors Should I Consider When Selecting a 529 Plan Provider?

Evaluate provider reputation, fee structure, and state-specific benefits such as tax deductions or credits that may lower overall costs. Compare available investment options, historical performance data, and any restrictions on account changes. Consider the provider’s customer service quality and digital tools for monitoring investments. For professionals planning to further their education, reviewing advanced degree options, such as a cheap online master program, can complement your long-term financial strategy.

Can External Scholarships and Grants Optimize 529 Savings?

Leveraging external scholarships and grants can further enhance a 529 plan strategy by reducing reliance on loans and optimizing overall funding. By actively seeking award opportunities that align with academic achievements, community involvement, and specific field interests, families can address non-qualified costs not covered by 529 plans. This integrated funding approach allows account owners to minimize debt, tailor funding sources to actual expenses, and potentially cover living or supplemental educational costs. In addition, exploring options through affordable online colleges that accept FAFSA may reveal institutions that offer competitive scholarship programs and flexible financial aid, ensuring that all available resources contribute to a comprehensive education funding plan.

Key Findings

• Some 529 plans allow withdrawals of up to $10,000 (lifetime maximum) to be used towards repaying qualified education loans for the beneficiary.
• Custodial and individual 529 plans mainly differ in ownership, control, and financial aid treatment.
• There are 16.25 million active 529 plan accounts in the United States.
• The average balance of 529 plans increased by $169.04 monthly in 2023.
• The age group with the highest federal student loan debt is 35 - 49.

Other Things You Should Know About Custodial and Individual 529 Plans

What's the difference between a UGMA and a 529 plan?

UGMA and 529 plans both aim to help with future expenses but differ in their focus. UGMA accounts offer more flexibility for how funds can be used, but earnings are typically taxed. 529 plans are specifically for qualified education expenses and offer tax-free withdrawals for those purposes.

What are the disadvantages of a custodial 529 plan?

Custodial 529 plans, while offering tax advantages, can negatively impact a dependent student's financial aid eligibility due to how assets are assessed. Additionally, unlike some 529 plans, the control over the funds ultimately transfers to the minor beneficiary when they reach adulthood, potentially undermining the original educational saving goals.

Do custodial accounts expire?

Custodial accounts do not typically expire. Once established, the account remains open until the minor reaches adulthood (age of majority) or until all assets are withdrawn. The funds can then be distributed to the beneficiary or managed on their behalf depending on the account type and its provisions.

References:

1. Board of Governors of the Federal Reserve System (2024, July 8). Consumer credit outstanding (levels). Board of Governors of the Federal Reserve System
2. Calonia, J. (2024, July 6). Average student loan debt 2024. Credible
3. College Savings (2023, March). Number of section 529 college savings plans in the United States from 2009 to 2022. College Savings
4. Dierking, D. (2024, February 6). 529 Plan contribution limits in 2024. Investopedia
5. Hanson, M. (2024, June 30). College savings statistics. Education Data Initiative
6. Hanson, M. (2024, March 3). Student loan debt statistics. Education Data Initiative
7. Independent Directors Council. (2024, May 6). Release: 529 plan program statistics, December 2023. IDC.