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Home Categories Saving for College 529 Plans are tax credit accounts that can be used to pay for education costs from kindergarten to graduate school. 529 Plans are tax credit accounts that can be used to pay for education costs from kindergarten to graduate school. A federal aid grant is federal money given to a recipient to fund a project or program. The Higher Education Act of 1965, or HEA, has not been re-authorized by Congress since 2013, but remains in effect on an interim basis. The Hope Credit Program allows eligible students who have not yet completed their four years of college to qualify for a $2,500 tax credit. Pell grants are based on financial need and, unlike loans, do not usually require repayment. A Registered Education Savings Plan (RESP) is a Canadian government sponsored college plan. The Uniform Gifts to Minors Act (UGMA) provides a way to transfer financial assets to a minor without the time-consuming and costly establishment of a formal trust.