Individual Investor
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529 College Savings Plans

Although Wells Fargo Funds does not offer a 529 plan, it may be something investors wish to consider, as these plans offer some attractive benefits for saving for college.

These state-sponsored plans differ slightly by state, but have a set of common features.


  • Withdrawals are tax-free when used for qualified expenses, such as tuition, room and board, and books.
  • Anyone is eligible to contribute, regardless of income level.
  • Annual and lifetime contribution limits are high.
  • The money can be used at accredited postsecondary institutions nationwide, including undergraduate, graduate, postgraduate, vocational, or trade schools.
  • Beneficiaries can be changed to another family member if the beneficiary does not go to college.

Things to consider

  • Withdrawals for nonqualified expenses are subject to income taxes and a 10% penalty.
  • 529 plans are state-sponsored; therefore, certain features will differ by state, including state tax benefits and investments offered in the plan.
  • 529 plans are considered assets of the parent or account owner for financial aid purposes.


Are you interested in working with a financial advisor for your 529 plan investing? Learn More