The Tax Cuts and Jobs Act made a big change to 529 plans, the tax-advantaged investment funds that can be used for education costs.
People can now use them to save not just for college, but for K-12 private school expenses, as well. It was considered a windfall for affluent families.
But fewer than 1 in 5 parents who have 529 plans are actually considering using them for their child's private education prior to college, according to a survey of 1,200 mothers and fathers by Savingforcollege.com.
"I was a little surprised," said Mark Kantrowitz, publisher of Savingforcollege.com and a student loan expert. "I would have thought more parents would consider doing that."