Federal College Savings Plan Primarily Help the Wealthy, Study Finds

A federal plan meant to help families save for college tuition is overwhelmingly benefiting wealthy families, a federal review has found. The financial instruments, known as 529 college savings plans, contribute to a billion dollar industry but are utilized by less than 3 percent of families with college students, according to a study released last month by the Government Accountability Office. And those families, the GAO found, were almost exclusively wealthy. Families that did have a 529...Full Story