529 college savings plans offer tax breaks but have serious downsides: they count against financial aid eligibility, charge fees that eat returns, penalize non-qualified withdrawals, and expose you to market risk. The S&P 500 lost money from 2000 to 2010 despite more up years than down.
529 college funding plans are tax-exempt savings plans authorized by Section 529 of the Internal Revenue Code. But there are 4 drawbacks to 529 plans. 1, they count against the student's eligibility when applying for financial aid. 2, they have tax consequences if the money is not used for qualified expenses. 3, they charge administrative fees and investment expenses that significantly reduce the growth of your money. And 4, they can actually lose money because the mutual funds in which the money is invested are subject to market risk and performance volatility. For example, during the last decade, the 10-year period from 2000 to 2010, the S&P 500 stock index, which tracks the equities used in 529 mutual funds, increased in 6 of those years and decreased in 4, but the result was a net loss of
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