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WSJ Your Money Briefing

A 529 Plan Isn’t the Only Way to Save for College

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.81.6K Ratings

🗓️ 8 May 2025

⏱️ 8 minutes

🧾️ Download transcript

Summary

The 529 plan isn’t your only option for funding your child’s education. Wall Street Journal contributor Cheryl Winokur Munk joins host Julia Carpenter to talk about the pros and cons to alternative college savings vehicles.  Sign up for the WSJ's free Markets A.M. newsletter.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Amazon offers employees up to £8,000 for education and training, like Juliet.

0:07.0

She's now a trained technician.

0:10.0

And to her, the sound of machinery in need of repair, reminds her of how far she's come.

0:18.0

In two years, she's landed her dream job, providing her with valuable skills.

0:24.2

That's up to £8,000 for education and training at Amazon.

0:28.3

Eligibility conditions apply.

0:33.0

Here's your money briefing for Thursday, May 8th.

0:36.2

I'm Julia Carpenter for the Wall Street Journal.

0:43.3

Parents agonize about when and how much to start saving for their child's education.

0:50.3

A lot of families turn to 529 plans for help, but some parents say they prefer alternative savings vehicles.

0:58.0

These UGMA or Uttma accounts allow you greater flexibility.

1:01.0

They're not restricted for education.

1:02.3

You can use them for whatever you want them for.

1:04.5

There also can be some kitty tax benefits.

1:07.1

So how should a parent, grandparent, or guardian weigh these options?

1:11.1

Wall Street Journal contributor Cheryl Winnicer Monk joins me to talk through the pros and cons of these different ways of funding your child's education.

1:19.8

That's after the break.

1:29.8

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1:35.2

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1:39.3

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1:43.5

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1:48.6

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