Any U.S. resident with a valid Social Security number who is at least 18 years old— regardless of income or state residency—can open a 529 plan account. As the account owner, you and you alone control it. If one of your children opts out of college, you can change beneficiaries without penalty.

Once you open the account, anyone can contribute, including grandparents or family friends. It’s a great way for family and friends to help a child afford college – even small contributions over many years can really add up and make a meaningful impact on a child’s life.

Learn more about college savings strategies and 529 plans managed by OppenheimerFunds by visiting: