Recent changes to 529 savings accounts make them a powerful tool for those pursuing a career in construction, skilled trades or other licensed professions. These accounts, traditionally used for college tuition, can now fund a variety of post-secondary and professional development programs.
Here’s how you can use a 529 account for a career in the trades:
- Apprenticeship Programs: You can now use 529 funds to pay for certificates from registered apprenticeship programs. These programs provide hands-on training and classroom instruction, a practical path to a gainful career.
- Professional Licenses and Credentials: The costs associated with obtaining or maintaining a professional license, which is often required for trades, are now eligible expenses. This also includes credentials from national organizations that set industry standards.
- Programs for Veterans: The COOL (Credentialing Opportunities On-Line) program helps military personnel and veterans translate their service experience into civilian credentials, which frequently involves skilled trades.