Qualified tuition plans are tax-deferred trust accounts that are used to pay for tuition, and room and board at a college.

Qualified tuition plans (QTP) are tax-deferred trust accounts that are used to pay for tuition, fees, and room and board at the colleges specified in the investment contract. The gifts to these accounts can be spread over five years, which allows for large one-time gifts to these programs. Since the owner of the account can switch beneficiaries, the owner can maintain some control of the funds.