College Savings: A Top 529 College Savings Plan Cuts Fees — Will This Be a Trend?
The ever-ballooning cost of a college education in the United States is a major money worry for many parents, so any financial relief along the way is more than welcome. The nation’s largest administrator of college savings 529 plans is doing its part by cutting administrative fees for its customers — a move that could prompt other 529 plans to follow suit.
In an announcement earlier this month, Virginia529 said it would reduce administrative fees by 46 percent for all Invest529 customers effective Jan. 1. The reduction could save customers millions of dollars and let them accrue more money in investment returns.