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Stimulus relief could include a break for school expenses — but not everyone will benefit
Senate Majority Leader Mitch McConnell has proposed allowing families to tap their 529 plans to help cover extra educational expenses during the coronavirus crisis.
Yet only about a third of parents have money sitting in a college savings account.
If Senate Majority Leader Mitch McConnell, R-Ky., has his way, parents will have a lot more flexibility when it comes to covering the extra expenses that have gone hand in hand with distance learning.
McConnell's proposal for pandemic relief would allow parents of K-12 students at public or private schools to use 529 college savings funds to pay for books, online materials and even tutoring to help compensate for the current educational circumstances.
It would also allow parents to use those funds for expenses related to home schooling or suddenly popular "learning pods."