Can an adult open a 529 for a mid-life career change - will be going to school full time in 2 years.?

Question

I am currently attending Community College part-time taking the prerequesites to attend nursing school in about two years. I have been in the work force for about 15 years and I'm ready to do something more rewarding.

My wife and I are pretty much debt-free except the house and would like to stay that way. Attending school full time for two years will be difficult to do without debt. In order to prepare, I thought about opening a 529 in my name and putting away as much money as possible over the next two years. Can a 40-year old open a 529 plan and sock away money for school two years later? Is my assumption correct that I will be getting a tax break on this money and that it will grow tax-free as well? Do you have any other thoughts or advice? I live in Texas if that makes a difference.

Does money in a 529 have to remain there for a certain length of time before you can use it?

Thanks for your help!

Answer 1

You can find your answers here

http://www.sec.gov/investor/pubs/intro52...

and then there is a commercial info site that is pretty informative too http://www.collegesavings.org/index.aspx