Financial aid offices across the county must be in a state of euphoria now that Congress has made the 529 tax exemption permanent. Adding to their joy is the increasing number of states making contributions to 529 accounts state tax deductible. Sadly, this will only encourage more unsuspecting families to set up these plans which will take most of them down a path paved with financial hazards. Ultimately, any family who opens one is inviting devastating consequences when the financial aid process begins and withdrawals are taken.
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