What if you saved for college and your child doesn’t end up going? Or, what if it ends up costing less than you expected and you have leftover funds? Fortunately, 529 plans can cover other educational expenses, be withdrawn or transferred to another beneficiary.

Think beyond traditional college.

Any school that participates in a student aid program administered by the Department of Education may qualify for use of 529 funds, according to the Internal Revenue Service (IRS). This may include vocational schools or other secondary educational institutions. You may even be able to use the funds toward K-12 tuition expenses, says the IRS. Before making any withdrawals, it's a good idea to check with your plan's administrator to be sure the school qualifies.

Covers any qualifying educational expenses
K-12 tuition
Vocational or other secondary school tuition

Send another family member to school

You can consider changing the beneficiary of your plan. Your new beneficiary typically needs to be related to your current beneficiary, according to the IRS. That could include another one of your children, a sibling, a niece or nephew, grandchildren or even a son- or daughter-in-law.

Fully transferrable
No penalties or taxes
New beneficiary usually must be a family member of the current beneficiary

Go back to college yourself

You can consider changing the beneficiary of your plan. Your new beneficiary typically needs to be related to your current beneficiary, according to the IRS. That could include another one of your children, a sibling, a niece or nephew, grandchildren or even a son- or daughter-in-law.

Fully transferrable
Variety of educational options
No age limit on using the money

Leave the money alone

You can typically leave the money in your 529 plan invested for as long as you like, according to Forbes. If your child decides later in life to attend college, the 529 funds would still be available. Otherwise, the money could eventually go to another beneficiary down the road.

Money grows until the current or next beneficiary uses it
Growth may not keep up with cost of college

Withdraw it (possibly with penalties)

You are typically allowed to withdraw unused money from a 529 plan. Just keep in mind that you'll owe federal and state taxes on the funds, along with an additional 10 percent penalty on your account's earnings, according to the Securities and Exchange Commission (SEC).

Federal and state taxes
10% fee on earnings
Fees waived under certain circumstances

But there may be special circumstances where penalties are waived. For example, the SEC says if your child receives a scholarship, you may be able to withdraw 529 plan funds without a penalty. It's a good idea to discuss any potential tax or penalty implications with your plan's administrator, prior to withdrawing funds so you know what to expect.

Have questions about starting a 529 plan or how you can use its funds? Talk to your tax or financial professional, or the administrator of your plan, for more information.