On December 20, 2019, President Trump signed into law a government spending bill which included many provisions of the SECURE Act (short for Setting Every Community Up for Retirement Enhancement Act—quite a mouthful). As its extended name would imply, most of the provisions of the SECURE Act affect retirement accounts like IRAs and 401ks. One particular aspect of the new law that we thought may be of particular interest to our Alexa skill subscribers (all diligent college savers, I’m sure!) affects the use of 529 College Savings Plans.

The SECURE Act provisions signed into law expand the definition of qualified education expenses to include (1) fees, books, supplies, and equipment required for participation in a registered apprenticeship program and (2) the repayment of qualified education loans. It is this student loan provision that we find most interesting and dig into a bit further on the College Coach Insider blog. Take a look to learn the scenarios in which using a 529 for student loan repayment might most help you, and the caveats you have to look out for.

Written by College Coach
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