This session will focus on helping orient families on how to prepare for education and career training expenses, with a particular emphasis on saving with 529 plans. We will start with a brief overview of the 529 basics followed by an in-depth discussion of the latest developments at both the national and state level, as well as options for unused funds, including rollovers to Roth IRA retirement accounts. At the Washington level, we will review new changes to the Washington 529 plans, including a complete revamp of the WA529 Invest plan (formerly known as DreamAhead). Attendees will also learn about the expansion of qualified expenses under Section 529 of the Internal Revenue Code over time, which now include the ability pay for K-12 expenses, apprenticeships, and student loans. The session will also examine the interaction of 529 plans with other college funding resources including federal, state, and institution-specific financial aid programs.
Learning objectives:
- Review education and career training savings options, with a focus on 529 plans
- Get up to speed on the changing national and state 529 plan landscape
- Examine 529 plan interactions with the updated FAFSA
- Discuss additional college funding and financial assistance resources available through the State of Washington
Meet Luke Minor
Luke Minor is a senior director at the Washington Student Achievement Council (WSAC) providing leadership for the agency’s college savings, student financial assistance, and IT divisions. As part of his role, Luke oversees the Washington State’s 529 Education Savings Plans (WA529), which include the WA529 GET (prepaid tuition) and WA529 Invest (direct-sold savings) programs. Since 1998, tens of thousands of students have used more than $2 billion of their WA529 savings to pay for college and career training in all 50 states and at least 15 foreign countries. Luke has been with WSAC since 2012 and is committed to helping students and families access and maximize savings and financial aid opportunities to advance their education goals while reducing reliance on student loan debt. Luke holds a bachelor’s degree in business administration from Western Washington University and Master of Public Administration from The Evergreen State College. In his free time, Luke enjoys getting outside to hike, ride bikes, and even splash in a puddle or two with his wife, wild five-year old, and young-at-heart dog.
