COLLEGE 529 PLAN ROLLOVER from SAVINGS to PREPAID?

Question

about 8 months ago i opened up a college savings 529 plan for my son. it has been steadily loosing money and lost about $2000 so far, and i am worried that it may drop down even farther. I would like to put this money into a prepaid college tuition plan as there is no risk. I am wondering what if any fees will i get from transfering a savings plan based in new mexico to a prepaid plan based in illinois.

currently an illinois resident

thanks

this is a link to the policy- https://www.scholarsedge529.com/digitalAssets/5cb584115ac1c010VgnVCM100000e82311ac____-0.pdf

Answer 1

I'm not sure if there are 529 rollovers but I would suggest opening an account in IL and start contributing to it immediately. Meanwhile let that money sit in the other 529 account. The market will recover and there's little point to cash out now and lose money if your son has years until he starts college.