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June 26, 2017
NEW YORK — People have used crowdfunding sites to raise money for business ideas, help afford medical emergencies and even to pay for vacations. Now the concept is coming to college savings.
More 529 plans, the accounts that give families a way to put away cash for college, are adding crowdfunding-like tools that make it easier for savers to ask family and friends to contribute to a kid's college fund. Account holders can create webpages and share the links on Facebook, Twitter or in emails. Some parents have asked for cash contributions as birthday gifts instead of toys. Others have used them to boost the savings of a child who lost a parent. Money is withdrawn from the gift giver's checking account and goes directly into the 529. There are no fees for the service.
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