Eligibility:
Section 529 plans have the most flexible eligibility rules of any college savings vehicle. In essence, anyone can open and contribute to a Section 529 plan on behalf of anyone else, without regard to the age, income, or relationship of either party.
Contribution Rules:
In general, the prepaid tuition programs offer set payment plans based on how old your child is, how many semesters of college you’d like to pay for, and what type of school (2 or 4 year) you think they’ll attend.Because these amounts are determined in advance by the state, the actual amount of money that someone is able to deposit into a Section 529 prepaid tuition is much lower than the Section 529 savings plan counterpart.
