What should you do if you have extra money in a 529 College Savings Plan? Perhaps it’s left over funds used to pay for a child’s education or perhaps the child has opted not to go to college.
The common options are to change the beneficiary (to a different child or relative). But that may not be practical. Below are a few interesting ideas I’ve stumbled across over the years:
Outward Bound (Website)– This outdoor educational institution teaches people of all ages about wilderness expeditions and training. Many of their courses accept payment from 529 plans. (Details)
Study Abroad – There are examples of some people taking an educational trip abroad through a university. If set up correctly, funds from 529 can be used. (Details)
The Culinary Institute of America (Website) – One of the most respected cooking institutes in the world allows most of their college course programs to be paid for using money from a 529 plan.
Pursue a hobby – An example in this article references an individual who started a small maple-syrup farm. He wanted to learn a lot more about the science behind what he was doing and ended up taking horticulture classes at his local community college. (Details)
Go to graduate school – Maybe the children are done with undergrad. In that case, maybe they will eventually go for a master’s degree. The 529 can be used for that too.