Answer: Qualified Tuition Plan
Explanation: The other term for a 529 plan is qualified tuition plans. This plan is designed to encourage parents to save for future college costs. A 529 plan is a tax-advantaged savings plan designed to help pay for education. Moreover, there are two types of 529 plans, one is prepaid tuition plans and the other is college savings plan. 529 plans are named after Section 529 of the Internal Revenue Code (IRC), which was added in 1996 to authorize tax-free status for 'qualified tuition programs. qualified tuition plans are sponsored by states, state agencies, or educational institutions.
