Technically, yes. But, not really. Withdrawals from a 529 to pay off student loan debt are not “qualified” withdrawals and, as such, are subject to taxes and a penalty. However, withdrawals to pay for things like tuition, room and board, books, fees, computers and other college-related expenses are “qualified” and are tax-free (and penalty free). 529 plans are a great way to save for college considering their unique tax advantages. Click on the link above to learn more about why you shouldn’t use a 529 to pay off student loans. Spoiler alert, think investing time horizon and the latest bull market run-up . . .