A new bill, The Application Fees as Eligible Expenses (FEES) Act, would permit fees for admissions applications to higher education institutions to be paid from a 529 plan.
The bill, H.R.7205, introduced last week by Rep. Janelle Bynum, D-Ore., would apply to college and trade school application fees, "an often overlooked cost that can deter first-generation applicants," Bynum said Tuesday in a statement.
Other 529 Plan Bills
The Early Education Savings Program Act was introduced in November and would expand 529 savings plans to cover child care expenses for children younger than 5 at state-licensed child care facilities.
The Freedom to Invest in Tomorrow's Workforce Act, introduced last April, would allow families to use 529 plan funds to pay for programs like postsecondary training and credentialing — including the certified financial planner designation — expanding tax-advantaged resources to those pursuing careers outside of a traditional four-year degree.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.