With less disposable income and difficulty meeting the ever rising cost of tuition, parents often have a tough time saving for their child’s future education. A law poised to make its way though Congress aims to give parents using certain college savings plans more flexibility in their investments.

The Wall Street Journal reports that Congress is likely to pass a measure – the Achieving a Better Life Experience (ABLE) Act – that would allow investors in 529 college savings plans to make changes to their investment holdings twice a year, a significant change from the current rules.

Under the Internal Revenue Service’s current rules, 529 account holders are only allowed to make changes once a year, unless they change the beneficiary of the plan.

In addition to providing more flexibility for investment changes, the Act would create tax-free savings accounts for people with disabilities.

The potential changes come after states have long called for more flexibility to the plans, by not forcing investors into difficult position of having to make all their changes at once.

The ABLE Act passed the House by a 404-to-17 vote last week and is expected to be taken up by the Senate before Congress adjourns for the year.

Spokespeople for the sponsors of the bill, Florida Representative Ander Crenshaw and Pennsylvania Senator Robert Casey, say they believe the Senate is likely to vote in favor of the Act.

College Savers May Get More Flexibility in 529 Plans [The Wall Street Journal]

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