Yes. Prominent otherwise interest on the people qualified education loan of one’s designated beneficiary otherwise a sibling of appointed beneficiary, up to a lives maximum away from $10,100000 for each and every individual. If you make a knowledge mortgage installment from your Membership, you may not in addition to just take a federal tax deduction to own any desire included in you to definitely education loan repayment.

Do my personal guy need to sit in university within the Kentucky?

No. You are able to new property on your own membership to the the costs out of almost people public otherwise private, 2-seasons otherwise 4-seasons college all over the country, so long as the latest college student was subscribed to an effective You.S.-qualified school, university, scholar college or university, or technical university which is eligible to be involved in U.S. Institution out of Training scholar educational funding apps. Indeed, of a lot U.S. universities and colleges now have campuses otherwise locations outside of the country, in which funds from their KY Conserves 529 account can be utilized.